NORTHERN Cooperative Meat Co members have voted in favour of converting the northern NSW red meat processing business into an unlisted public company.

A special postal ballot was conducted by an external third party, with more than 75pc of co-op shareholder members voting in favour of the move, as required under the Co-operatives National Law.

NCMC chairman John Seccombe said this transition marked an historic moment in the company’s legacy.

Since 1933, NCMC has proudly operated as a co-operative, focusing on serving its local farming members and community and providing high-quality livestock processing for customers.

With the member-endorsed transformation, the company will soon operate under its new name, Casino Food Company Ltd.

Beef Central first wrote about the proposed move, and the financially-driven reasons behind it – in this article published back in April.

The rebranding will include a refreshed logo aligned with the current brand identity, symbolising continuity of the business and quality in its production of food.

Mr Seccombe highlighted the need for the change in light of the evolving livestock industry.

“Livestock producers today have more marketing options than ever before, including saleyards, direct-to-works, feedlots, and online auctions. With livestock traveling greater distances throughout their life-cycle and increasing competition among buyers, the financial connection between farmers and the co-operative is no longer as critical as it once was,” he said.

The conversion aligned with these changing dynamics, Mr. Seccombe said.

The Board also believed the co-operative structure no longer services the current needs or the anticipated future needs of the members, nor NCMC.

“The conversion provided a means of recognising members contributions to the co-operative and the potential to realise the underlying value of their shares in the future,” he said.

“It allows for a permanent capital base in the future, and provides a buffer against the cyclical nature of processing and unforeseen future events.”

Simon Stahl

“This is a significant moment in our history,” chief executive officer Simon Stahl said.

“While our structure will change, our commitment to our employees, members and the local community remains strong, and we will continue to operate with the same principles and values that have guided the cooperative for over the past nine decades,” he said.

Casino Food Co Ltd will maintain its current operations providing a service kill for other operators and sourcing quality livestock to ensure the high standards its customers expected.

Importantly, members will continue their shareholder status without any active kilogram supply requirement each year.

Transition

The transition process involves registration with the Australian Securities and Investments Commission and the de-registration of the co-operative, expected to be complete by late February.

The company’s governance will see continuity, with existing directors John Seccombe, Neil Short, Lennard Blok and Damien Dougherty remaining in their positions, ensuring stability and experienced leadership.

“This change allows us to keep up with the evolving industry both from a processing and sustainability perspective, while staying true to our vision,” Mr Stahl said.

“We look forward to building on our legacy as an industry leader in red meat processing under the Casino Food Co Ltd name, delivering the same quality and reliability our members and customers have come to trust.”

“This historic vote in the co-operative’s history marks an exciting new chapter in the company’s ongoing story,” he said.

• With just one cooperatively-run red meat processing entity now remaining in Australia – the Western Australian Meat Marketing  Co (WAMMCo) at Katanning – we will circle back to look at the century-old history of farmer-owned cooperative meat processing in Australia in January, following our Christmas/New Year break.