24 March 2013

Shareholders have voted to sell WA honey packer Wescobee to Capilano after a dissident group failed to overturn the deal or throw out the board.

 Wescobee chairman David McIntyre said votes were cast “convincingly” in favour of selling the brand name, honey stocks and plant & equipment to the listed Queensland-based company.

 Once the property is sold, the outcome is expected to yield $8.5million.

 The vote had been postponed from January after beekeeper Kim Fewster and five other shareholders sought the removal of Mr McIntyre and fellow directors.

Mr Fewster had wanted to keep Wescobee operating independently of Capilano.

 Mr McIntyre said the 90-minute meeting of 50 to 60 shareholders had been conducted cordially with the first six resolutions voted on without discussion.

 He said a resolution to change the name of the 87-year-old company in the wake of the sale was supported by 79 per cent of the voting shareholders. “There wasn’t any aggression, so we let the vote talk for our position”, Mr McIntyre said.

 “In many ways I regret that it won’t be WA beekeeper-owned into the future but a lot of those will be able to buy shares in Capilano.

 “The important thing is that the shareholders are realising, I think, value at the optimum time.”

 Mr McIntyre said much of the opposition to the deal was emotional. “The Wescobee brand’s been around for a long time” he said.

 By Peter Williams – The West Australian Newspaper - 23 March 2013.

Wescobee Green Bee Inititive
18 March 2013

Wescobee is please to confirm the completeion of its Solar Energy Power Project under its Green Bee Initiative Program. The project sought  funding assistance under a grant from the AusIndustry Clean Technology Food and Foundries investment program (an Australian Government Initiate). Wescobee was awarded the grant late in 2012. The grant covered 50% of the cost of the project and was greatfully received.

While the project does not cover all Wescobee's needs it is a significant step and part of ourquest towards an invisable carbon footprint and reduced energy requirement.