The Graziers Investment Company (GIC) was established in 2000 under the name Australian Wool Services (AWS) and was the successor to the Australian Wool Research and Promotion Organisation (AWRAP). GIC once had The Woolmark Company Pty Ltd and Australian Wool Innovation Limited as subsidiaries but in 2002 AWI split from GIC and then in 2007 purchased Woolmark. GIC inherited $57m of capital from AWRAP and around $53m of liabilities from previous administrations. This later increased to $100m due to complex issues with an overseas pension fund and financial legacy issues which GIC spent over a decade working to resolve. In October 2017, shareholders voted overwhelmingly to wind up the company and begin the process of paying back shareholders.
More recently, the liquidators of GIC, Grant Thornton, have advised that they are currently in the process of concluding the liquidation and the return of capital to shareholders. On 20 March 2020, cheques were posted to the last known addresses of every registered member of GIC. Now being six months from the distribution date, all unpresented cheques have been cancelled and lodged as unclaimed monies with the Australian Securities and Investments Commission (ASIC). Click here to view the most recent correspondence from Grant Thornton.
There are around 260 Tasmanian wool growers who are yet to either bank their cheques or claim their payment from GIC. Shareholders are able to search their name in the ASIC database to check if they have any unclaimed money owing to them by clicking the link here.
The claim process is fairly straightforward and once the form is submitted it takes approximately 28 days for ASIC to process. Information on how to claim lost shares and investments held by ASIC can be found here.
For further information or if you are unable to access the database, please contact Bonnie Kenner, TFGA Policy Officer on 6332 1800 or bonnie.kenner@tfga.com.au.
