8 September 2006

Shareholders' show support for Constitutional changes

Last night's General Meeting of Murrumbidgee Irrigation shareholders voted overwhelmingly in favour to accept each of the six important changes to the company Constitution.

“These changes were sought to move you and your company forward in the current challenging business environment. I thank you for your foresight and support in passing these resolutions this evening.” said Dick Thompson, Chairman of Murrumbidgee Irrigation after announcing the results.

Almost 300 large area and horticultural irrigators gathered at the Griffith Ex-Serviceman's Club to vote on the resolutions, in addition to a significant number of proxy votes already received.

“It was one of the largest gatherings of shareholders in some time, indicating the concern and interest our customers have in their company and determining its future, especially during the tough climatic and economic environment we're in,” says Brett Tucker, Chief Executive of Murrumbidgee Irrigation.

Discussion on the resolutions originated back in July of this year with Dick Thompson writing to all shareholders advising that an overhaul of certain elements of the Constitution was required in light of both national water and company law reforms since privatisation of the company in 1999.

‘Shed” meetings were held with shareholders to explain the proposed changes and feedback sought before finalising the resolutions.

The amendments fall into two key areas, firstly introducing some more flexible options for water trade including trade of water separate to Company shares. Secondly, changes to the composition and nomination of the Independent Directors of the Board and the tenure of Directors.

All resolutions exceeded the 75% majority in favour vote to to be passed. Individual resolution results are available on the website www.mirrigation.com.au .