Grower shareholders in Australian barley exporter ABB Grain Ltd voted on Tuesday to redeem their A-class shares to move the company to a single-class share structure. The move comes after the scrapping this year of a barley export monopoly held by ABB in South Australia State, usually Australia's largest barley state.
The A-class shares ensured only barley growers had voting powers, but ABB has said a single-class share structure will make it easier for the company to access capital and to operate in a de-regulated market. The move comes as Australia's grains industry undergoes major transformation and rationalisation, with more amalgamations and acquisitions seen likely.