Membership
What does WAMMCO membership mean for you?
As a member of WAMMCO International, you’re part of something special. A highly successful, democratically functioning cooperative, WAMMCO gives you ready access to global markets, industry research and data, extensive networking opportunities and, via the WAMMCO bonus scheme, significantly increased financial returns for your farming enterprise. As an active member, you are entitled to:
- Participate in and receive payment for any pool bonuses that are declared
- One vote in any matter/s determined by WAMMCO (regardless of the number or type of shares you hold)
- Receive any dividend/s that are declared
- Participate in any winding up activity
- Preferential access (over non-member farmers) to available slaughter space
- Preferential access (over non-member farmers) to forward contracts on a “first come-first served basis”
- Participate in and receive payment for any pool bonuses that are declared
- One vote in any matter/s determined by WAMMCO (regardless of the number or type of shares you hold)
- Receive any dividend/s that are declared
- Participate in any winding up activity
- Preferential access (over non-member farmers) to available slaughter space
- Preferential access (over non-member farmers) to forward contracts on a “first come-first served basis”
The Co-operative is wholly owned by WAMMCO’s farmer-members and it exists solely for the purpose of providing and maximising benefits to our active members. It is controlled by a Board of Directors made up of both producer members, who are elected by active members; and of appointed independent directors, whose appointment is confirmed by active members. Each member is entitled to one vote, regardless of the number of shares held.
As with any organisation, an appropriate governance framework is in place for conducting and managing all business activities. The Approved Rules of the Co-operative (as at December 2022) can be downloaded here.
Hear from some of our members
Member FAQs
The Approved Rules of the Co-operative (Rules 7 & 8) explain that to be an active member, you must:
- hold at least 100 ordinary shares, and
- deliver at least one animal of the type being acquired by the Co-operative each year.
A pool bonus may be declared by the Directors based on the profitability of the Co-operative. A pool bonus is only payable on livestock that are traded at the weekly schedule price and on a forward contract basis. Other forms of purchase including on-farm, weight-no-grade and sale yard purchases involve a transfer of additional potential risk to the Co-operative and are excluded from the pool bonus scheme.
To qualify for a pool bonus payment you must be an active member, holding at least 100 ordinary shares. A pool bonus is allocated to members as shares and cash. Any additional shares will only be allocated up until the point that your total shareholding equals 12 x the eligible deliveries (the number of livestock traded at the weekly schedule price and on forward contracts) in the financial year. The remaining balance of any pool bonus that you are eligible to receive will be paid as cash.
You may sell your shares if you can find and agree a price with a purchaser who either is, or is capable of becoming, an active member of the Co-operative. There is no formal market for WAMMCO shares, and the sale/transfer of any shares is subject to Board approval. Any member who does not deliver livestock in a financial year will have their shares converted to an interest-free loan. The Rules of the Co-operative allow for membership to be reinstated and for shares to be re-issued automatically if livestock are subsequently delivered to the Co-operative within the following two years. If no livestock are delivered within the following two years, then your shares will be paid out.
Alternatively, WAMMCO shares can be redeemable at the discretion of the Board if either of the following apply, subject to sufficient funds being available:
- you have permanently exited the farming industry, or
- you have been inactive as a member for a continuous period of three years.
As with any investment type, there is a possible risk of the loss of all, or some of the capital subscribed in the event that WAMMCO should suffer a loss such that share value falls below the nominal value of one dollar per share. Whilst the WAMMCO pool bonus is very attractive – with more than $27 million in bonus payments to members since 2005, the payment of pool bonus, dividends or redemption depends upon WAMMCO’s enterprise profitability and upon the level of financial reserves that must be maintained. There is no guarantee of a bonus payment in any given year.
Each member is provided a copy of annual reports including the Chairman’s and CEO’s Report. Members are also invited to participate in the Annual General Meeting. Member communication includes a regular newsletter (“Lambline”) as well as an information supplement (WAMMCO Info) on WAMMCO activities in the rural press. Monthly updates and outlooks are provided through a dedicated WAMMCO segment on RadioWest through their Rural Focus programme. In addition, regular meetings with members are held throughout the year in various locations around Western Australia to provide member information and the opportunity for personal interaction between members and the WAMMCO Board and Staff.
If you would like to become a member, please complete and return the Shareholder Application Form (accessible in the link below). You can download the form to print/complete and then mail it to us at this address:
Company Secretary
WAMMCO International
PO Box 4059
VICTORIA PARK WA 6100
For additional information, or to discuss your membership with WAMMCO further please contact the Company Secretary Bruce Ede on 08 9262 0913 or by email at bruce@wammco.com.au
Bonuses
Since 2014, WAMMCO has paid more than $61 million in Pool Bonuses to our Co-operative membership.
For details on how to be included in these bonuses, see our Shareholder Application Form.
| Year paid | Basis of payment | Bonus paid | Average per kg |
|---|---|---|---|
| 2024 | $1.20/kg qualifying lamb, 60c/kg qualifying mutton | $21,800,000 | $1.08 |
| 2023 | 60c/kg qualifying lamb, 30c/kg qualifying mutton | $8,300,000 | $0.55 |
| 2022 | 80c/kg qualifying lamb, 40c/kg qualifying mutton | $8,400,000 | $0.76 |
| 2021 | 20c/kg qualifying lamb, 10c/kg qualifying mutton | $2,000,000 | $0.19 |
| 2020 | 20c/kg qualifying lamb, 10c/kg qualifying mutton | $2,000,000 | $0.19 |
| 2019 | 30c/kg qualifying lamb, 15c/kg qualifying mutton | $2,750,000 | $0.28 |
| 2018 | 50c/kg qualifying lamb, 25c/kg qualifying mutton | $4,300,000 | $0.47 |
| 2017 | 20c/kg qualifying lamb, 10c/kg qualifying mutton | $2,250,000 | $0.19 |
| 2016 | 20c/kg qualifying lamb, 10c/kg qualifying mutton | $2,350,000 | $0.19 |
| 2015 | 40c/kg qualifying lamb, 20c/kg qualifying mutton | $3,600,000 | $0.37 |
| 2014 | 50c/kg qualifying lamb, 25c/kg qualifying mutton | $3,600,000 | $0.47 |
| Total | - | $61,350,000 | - |
Disclaimer
The information provided above is supplied for general information purposes. If you have any doubts or concerns, we encourage you to seek independent advice from your financial and/or investment advisor