Farmlands announces $1.25-million bonus rebate

Media Statement October 4 2004

Farmlands announces $1.25-million bonus rebate

Rural retail co-operative Farmlands is returning an extra $1.25 million in bonus rebates to its shareholder customers for their ongoing support through a very challenging year.

Farmlands Chief Executive John Newland said retail continues to be a fiercely competitive business and the rural sector is no exception.

“The bonus rebate, going out this week, is Farmlands way of thanking our customer shareholders for their loyalty, along with their ongoing investment in the company. In June Farmlands also gave $100 of bonus shares to each of its 17,500 members.

“Customer shareholders who purchase their supplies from our retail stores also get to share our profits and it’s that co-operative ethos which is driving us to being a market leader,” Mr Newland said.

Bonus rebates have been paid in 10 of the last 11 years, with individual payments based on the amount members have spent at Farmlands. This will see some members receiving in excess of $4500.

Farmlands 2004 annual result will be announced on October 11.

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