Ms. Seales joins Prime Super from Zurich Insurance where her recent roles have spanned operations, distribution, acquisitions and strategy, both in Australia and abroad.

Chairman of Prime Super, Nigel Alexander said: “Raelene’s demonstrated leadership, strategic vision, and customer-first values align perfectly with the goals of Prime Super.

The Board looks forward to working with Raelene as we continue to grow and protect the hard-earned retirement savings of our 140,000 members”.

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Damien Frawley

Leading Australian investment manager, QIC has announced it has signed an agreement(s) to acquire an 80 per cent interest in the North Australian Pastoral Company (NAP).

NAP is one of Australia’s oldest and largest agricultural enterprises covering 5.8 million hectares across Queensland and the Northern Territory and approximately 178,000 head of cattle.

At the conclusion of the transaction, NAP’s largest shareholder, the Foster family will retain an interest in NAP of approximately 20 per cent. Funds advised by QIC including Australian superannuation capital and the UK-based Pension Protection Fund (PPF) will hold approximately 80 per cent having acquired the remainder of the Foster family’s holding and the 34 per cent of NAP currently owned by UK-listed MP Evans.

An offer will be made to other minority shareholders to acquire their shares as part of the transaction, and offer them the opportunity, should they wish, to retain an interest in NAP.

NAP is a vertically integrated beef business with a herd managed across 13 well-located properties in Queensland and the Northern Territory as well as the Wainui feedlot on the Darling Downs.

It is an industry leader in advanced composite breeding programs and has developed two of its own highly regarded composite breeds.

Commenting on the transaction, Damien Frawley, QIC’s CEO said: “QIC is very proud to lead this investment in Australian agriculture and to be investing Australian superannuation assets into our beef industry. This landmark deal was made possible by our unique government heritage, and it captures the benefit of our networks of institutional investors and connections to Asian corporate relationships. It’s a natural evolution for our 25 year-old investment platform.”

Marcus Simpson, head of QIC’s NAP transaction team, said, “We believe the Australian food sector is entering a period of exciting development.

Australia enjoys an enviable reputation for producing clean, healthy food. QIC has a track record of making long-term investments in companies and their people. Our vision for NAP is to see it prosper by capitalising on strong beef demand driven by growth in Asia which is expected to account for 47 per cent of global beef demand by 2024.”

Mr Simpson said QIC was delighted the Foster family would retain a 20 per cent shareholding in the company.

A Foster family representative said: “This is an excellent outcome for the Company. QIC is a logical owner of NAP bringing with it exciting prospects for the future growth of the business. We feel assured that NAP has a bright future, as evidenced by the family’s ongoing investment.”

Executive Chair of NAP Nigel Alexander said: “The Foster family and NAP’s management have built an outstanding beef enterprise over many generations, and are justifiably proud of what has been achieved. Under QIC’s stewardship NAP is entering an exciting new phase of its development. I’m very confident QIC has the vision and expertise to build the company into the future.”

Consistent with his long term intentions, Mr Alexander also announced his intention to step down from his role after 20 years with NAP, but has agreed to remain in the role until a successor commences.

QIC’s representative on the NAP Board Phil Cummins thanked Mr Alexander for his ongoing contribution to NAP and Australian agriculture and said the company had a strong legacy to build on.

Mr Cummins said: “NAP has exceptional properties, cattle and management and we believe cattle men and women are the best people to run cattle properties. QIC also has significant business development skills to bring to the table. Together we will be a great team. NAP is already one of Australia’s leading cattle businesses and with an ongoing commitment to operational excellence, we believe NAP has the potential to become a significant regional food champion.”

“We are also strongly committed to NAP’s high standards of workplace health and safety, animal welfare and sustainable land management practices,” he said.

QIC were advised by Deloitte Corporate Finance (lead financial adviser), PricewaterhouseCoopers (accounting and tax) and McCullough Robertson (legal).

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