News Release: Proposed Sale of Uardry Station

Charles Mills (Uardry) Pty Ltd has announced its intent to seek formal proposals for the acquisition of all of its rural property and business interests.

Charles Mills (Uardry) Pty Ltd owns and operates Uardry Station, a renowned 35,000 hectare rural property located near Hay, on the Murrumbidgee River, in the New South Wales Southern Riverina. It includes pre-eminent Merino and Dohne Merino studs, substantial water entitlements, together with farming and agricultural enterprises.

The current shareholders in Charles Mills (Uardry) Pty Ltd, the Black Family, have owned Uardry for nearly 40 years, during which time the operations have grown from a single Merino stud to a diversified national and international going concern with annual sales revenue in the order of A$5 million and an active client base of more than 350.

Graeme Black, Managing Director, said “Given our long-standing support and involvement with Uardry, the family’s decision to divest its interests was not made lightly. We have always ensured that Uardry is at the forefront of the Australian sheep and wool industry and hope that it will continue to be so for many years to come.”

Uardry’s prestigious merino studs continue to set records and win many accolades, the most recent of which was at the 2011 Hamilton Sheepvention on 1st August, when a Sims Uardry Poll Ram was awarded the Gordon Uebergang Memorial trophy as Best Ram in the Shed in a field of 340 Merino and Dohne rams from four states.

The traditional Uardry Merino Stud, whose ram is immortalised in history on Australian currency (1938-1956 Shilling, 1991 50 cent coin, 2011 mint $1 coin), now operates alongside three other independently accredited Merino Studs including Australia’s largest Dohne Stud. Uardry is a leading national supplier of Merino and Dohne Merino stock, selling in excess of 1,000 rams annually. Further sales growth is expected to continue from the Uardry Dohne and relatively new Sims Uardry Poll studs. Uardry also exports to all major Merino growing areas throughout the world.

Uardry’s 4,150 acres of irrigation, with permitted capacity for expansion of a further 1,160 acres, grow at least two seasons of crops for grain and fodder production, providing both diversification and support for the farming enterprise.

Charles Mills (Uardry) Pty Ltd has appointed Russell Harvey & Co to assist with the sale process. The appointment of a sales agent is expected shortly. A final decision to proceed with any sale will only be made once all Uardry sale offers have been evaluated. It is anticipated that any sale will be finalised within the next six months.

Uardry management and staff remain absolutely committed to Uardry. Business operations will continue as usual. The imminent spring sales will see an impressive line-up of rams and ewes with excellent wool quality, great balance and body structure.

As a last comment on this announcement of sale, Graeme Black said, “The Black Family would like to acknowledge the loyal contributions of both the Uardry staff and clients. We are particularly proud of the training that Uardry has provided generations of Jackeroos. This training is reflected most recently in Uardry Jackaroos winnning first, second and third places at Bendigo’s Australian Sheep and Wool Show in July 2011 and first, second and third places at the Hay Sheep Show in June 2011.”

THE CONTACT FOR ALL INQUIRIES IN RELATION TO THE SALE IS MR BILL RUSSELL, PRINCIPAL, RUSSELL HARVEY & CO, ON +61 419 595 338.