NAMOI COTTON has filed a pre-discovery application with the Federal Court of Australia in its quest to find out more about Cargill’s actions in relation to cottonseed which impacted Namoi’s latest half-yearly results.
Namoi Cotton on Friday announced to the Australian Stock Exchange that its subsidiary, Namcott Investments Pty Limited, has filed a court application which seeks to give it access to documents and accounting information from Cargill Australia Limited.
This relates to “an ongoing commercial dispute” surrounding the financial performance of the Cargill Oilseeds Australia Partnership and Cargill Processing Limited, in which Namoi Cotton holds a 15-per-cent stake.
The company said its filing of an application follows “numerous requests from Namcott to Cargill Australia Limited” for this information.
Namoi Cotton said its board of directors believed this course of action was in the best interests of its shareholders, and the board would keep the market informed of new developments when appropriate.