PLANS for a $500m capital raising program, planned by dairy co-operative Murray Goulburn, should be finalised by the middle of next year.
Shareholders at the company's annual general meeting, held in Melbourne today, were told the capital raising was aimed at "driving operational excellence and innovation, across the business."
"This is the best way to raise funds to rejuvenate the supply chain and manufacturing structure," chairman Philip Tracy said.
"The plan allows 100pc control but allows external investors to invest through a non-voting unit trust.
He told the meeting he was hopeful the plan would be completed by the middle of next year.
The company had seen an outstanding year over the past 12 months, with favourable conditions and strong demand, across all regions which drove prices up.
With exchange rate relief, the final available milk price was $6.81 per kg milk solids.
Profit was $29.4m, down from $34.9m the previous financial years, which reflected payouts to farmers.
An ordinary dividend of eight cents per share was paid out, with a total return of $6.91, when milk solid returns were taken into account.
Managing director Gary Helou said the company held 37pc of the Australian milk pool and intended to increase that amount.
It had paid the highest milk price of $6.81 and did not intend to let up.
"Outside Coke and Lion we are the largest food and beverage business in this country," Mr Helou said.
And despite a 50pc collapse in the price of milk powder, the company was determined to shield farm gate prices from volatility.
"The world is dealing with the surplus, it's a short term bump, but the trajectory is solid," Mr Helou said.
"Asia will not be self sufficient, they will be relying on imports and our task is to value add in the best way."
The China Free Trade Agreement was a "game changer", and it was up to the company to capitalise on that framework, he said.
"We need investment, but the smart thing is to build around a co-operative structure, where we have a stake and control."