Blog Archive

We are pleased to advise that we have reached agreement with both Westpac and the State Government on a plan to restructure the financial position of Zoos South Australia that will enable it to move forward with certainty.

The key elements of the agreement reached are as follows:

• The Westpac debt will be reset to $7.5 million. The debt will have a 5 year term with the principal to be repayable at the end of the 5 year term if not repaid before this
• The State Government has agreed to increase the annual Operating Grant to the Society from $3.2 mill to $4.5 mill effective 1 July 2011. This grant will be indexed on an annual basis moving forward. In addition the State Government will meet the interest costs on the Westpac debt.

We believe that the agreement on the Westpac debt combined with agreement with the South Australian Government on the Operating Grant means a viable and more certain future for this iconic South Australian organisation.

The resolution of the Westpac debt has been achieved following a period of commercial negotiations between Government, Westpac and Zoos South Australia. This has included a contribution from the State Government. The details of this commercial arrangement are subject to confidentiality obligations.

As stated earlier we are also pleased to announce that Westpac and Zoos South Australia will enter into a sponsorship arrangement as part of the debt agreement.

This will see Westpac and the Society work closely on a range of programmes and initiatives. We will be making further announcements on this in due course and we look forward to working with Westpac over this period.

All parties have worked through this challenge in a cooperative manner and this has enabled us to achieve a positive outcome for this South Australian icon. We would like to thank Westpac for their support. They have through this process been both flexible and supportive.

We would also like to take this opportunity to advise we are well advanced on a review of the Governance arrangements of the Society. We will begin consultation with our members on this shortly and progress this over the next 6 months with a view to seeking member endorsement at the Periodic meeting in May 2012. As you may be aware from previous announcements the Government has announced that Government representation on the Board of the Society is no longer appropriate. As part of this review we will be looking at the composition and structure of our Board moving forward.

This has been a period of great uncertainty for everyone involved with Zoos South Australia as well as the public of South Australia. Our staff and volunteers have through this period continued to focus on the job at hand and on behalf of the Board I would like to express our sincere gratitude and thanks. We have also received tremendous support from our members, suppliers, sponsors and other partners and we look forward to working with them in a far more positive environment into the future.

Zoos South Australia is an iconic organisation and an important asset that should be shared and enjoyed by all South Australians. It makes a significant contribution to this State – a contribution much broader than its economic contribution. With this uncertainty behind us we look forward to reengaging with the public of South Australia and encourage all South Australians to get behind this important community asset.

Kevin McGuinness
President, Zoos South Australia