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NZDG To Vote On Sharemilkers Owning Shares

Federated Farmers Sharemilkers' Section Chairman Conall Buchanan said today that he is extremely encouraged by news that NZ Dairy Group will put sharemilker shareholding to the vote at a special suppliers' meeting on 15 December.

"We have been in discussions with NZDG about sharemilker shareholding for some time now, so the Section congratulates NZDG for showing leadership on the issue," said Mr Buchanan.

"Sharemilkers want the ability to hold company shares, and they are committed to the industry. This would provide another investment option, in addition to buying more cows."

"Shareholding will enable sharemilkers to build up shares prior to farm purchase."

"Sharemilkers who own shares would likely expect an adjustment to the percentage of milk price they receive. Shareholding will also give them clear access to dividend payments should they arise."

"Sharemilker shareholding could also ease farm succession problems as a sharemilking family member could purchase shares gradually prior to purchasing the family farm."

"Most importantly, shareholding sharemilkers will be able to participate in dairy company decision making."

"The Sharemilkers' Section asks current NZDG shareholders to vote for sharemilker shareholding on 15 December."

"Farm owners have a lot to benefit from sharemilker shareholding. Some owners may wish to divest some assets without withdrawing completely from the industry."

"A farm owner may wish to increase production but not want to purchase the additional shares required. With sharemilker shareholding, the sharemilker and the farmer can come to an agreement where the sharemilker assumes responsibility for the share purchase."

"Copies of the Sharemilkers Section's paper on sharemilker shareholding are available by contacting Federated Farmers on 0800 FARMING (0800 327 646)," concluded Mr Buchanan.

ENDS
For further information:
Conall Buchanan 07 867 7880 or 025 333 674
Greg Maughan 06 327 6539 or 025 722 986


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