Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Dairy Foods Control Passes To Rank

April 5, 2002

Statement made by John Storey, Chairman, New Zealand Dairy Foods Limited

The decision by Fonterra to accept the offer by a subsidiary of Rank Group Limited for its shares in New Zealand Dairy Foods, effectively passes control of NZ Dairy Foods to Rank as Fonterra owned slightly more than 50% of the company.

The key issue for the directors of NZ Dairy Foods now is the advice they will give to the remaining 6200 shareholders. This will need to wait until receipt of the independent appraiser’s report.

With Fonterra committed to accepting Rank’s offer, the remaining question is the level of ownership Rank achieves.

Rank’s offer has been passed on to independent advisors, Cameron & Co, and directors anticipate receiving its appraisal by mid April. We will use it to assist us in reaching the recommendation we will make to NZ Dairy Foods’ shareholders.

Our recommendation, Cameron & Co’s appraisal and Rank’s offer are likely to be in the hands of shareholders towards the end of April.

While the resolution of NZ Dairy Foods’ future ownership has been concluded within a shorter time frame and with less involvement by farmer shareholders than anticipated, the certainty provided by confirmed ownership will be beneficial in allowing the company’s management to return to the task of growing and developing the business.

The offer that Rank will make to the remaining shareholders will be identical to that made to and accepted by Fonterra.

Directors will hold discussions with Rank in the near future and will communicate any additional information it can to shareholders as early as possible.

Ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop 3.0: How You Can Help Scoop’s Evolution

We have big plans for 2018 as we look to expand our public interest journalism coverage, upgrade our publishing infrastructure and offer even more valuable business tools to commercial users of Scoop. More>>


Statistics: Butter At Record $5.67/Block; High Vegetable Prices

Rising dairy prices have pushed food prices up 2.7 percent in the year to October 2017, Stats NZ said today. This followed a 3.0 percent increase in the year to September 2017. More>>

ALSO:

Science: New Research Finds Herbicides Cause Antibiotic Resistance

New University of Canterbury research confirms that the active ingredients of the commonly used herbicides, RoundUp, Kamba and 2,4-D (glyphosate, dicamba and 2,4-D, respectively), each alone cause antibiotic resistance at concentrations well below label application rates. More>>

ALSO:

CO2 And Water: Fonterra's Environment Plans

Federated Farmers support Fonterra’s bold push to get to zero emissions of CO2 on the manufacturing side of the Co-operative, both in New Zealand and across its global network. More>>

ALSO:

Fisheries: Decision To Delay Monitoring ‘Fatally Flawed’

Conservation group representatives say a decision by the new Minister of Fisheries, Stuart Nash, to delay implementation of camera monitoring of fishing efforts in New Zealand is ‘fatally flawed’. More>>

ALSO:

Kaikōura Quakes: One Year On

State Highway One and the railway were blocked by damage and slips and the Inland Road suffered significant damage. Farms, homes and businesses suffered building and land damage. Power and internet went down, drinking water systems, sewage systems and local roads were all badly affected... More>>

ALSO:

 
 
 
 
 
 
 
 
  • Bill Bennett on Tech