KALAMIA CANE GROWERS ORGANISATION LTD – ANNUAL FINANCIAL REPORT
Dear Member
It has been the practice of KCGO to provide members with a hardcopy of annual financial report, directors report and auditors report prior to holding its Annual General Meeting.
Given the current position with COVID-19 and strict measures currently imposed by the Australian and Queensland Governments relating to non-essential gatherings and social distancing practices it is unclear at this stage as to when KCGO will be in a position to hold its AGM. The Corporations Act 2001 – Section 250N requires public companies to hold an AGM within 5 months after the end of its financial year ie. in KCGO’s case by 31st August 2020. ASIC has provided some guidance for companies with a December financial year end who are required to hold their AGM by 31st May 2020 in that it will take no-action against those companies where their AGM is postponed up to the end of July. Should current restrictions of non-essential gatherings continue we would expect further/similar advices from ASIC in relation to AGM’s with a financial year end date of 31st March. It goes without saying that KCGO AGM will not take place prior to commencement of crushing season as was the case last year.
Despite possible delays in holding our AGM, it does not relieve KCGO’s obligation to lodge their annual financial report within four months after the end of the financial year ie. by 31st July. So in fact this year could result in our annual financial report having to be lodged with ASIC prior to presentation for acceptance by members at an AGM.
In relation to the previous provision of hardcopy of annual financial report and in effort to streamline processes, KCGO will be providing report in an electronic format via email prior to Annual General Meeting. Naturally members that do not have access to electronic means will continue to receive a hardcopy for their information.
Should members who have electronic access require a hardcopy you will need to advise this office accordingly, otherwise it will be deemed that you have accepted for an electronic version to be provided.
Regards.
Les Elphinstone
Manager KCGO