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Welcome For Wool Board Referendum

07 April 2002

Meat & Fibre Producers Welcomes Wool Board Referendum

NZ Meat & Fibre Producers Chairman Murray Taggart has welcomed the announcement by the New Zealand Wool Board that it will hold a referendum on its proposed restructuring plans over the April / May period 2002.

"It is very pleasing for levy payers to see some tangible progress towards the restructuring of the Wool Board," said Mr Taggart.

"Late refinement of the Board's restructuring proposals mean its plans are more or less in line with NZ Meat & Fibre Producers' position. We would encourage all farmers to participate in the referendum."

"The referendum will give growers the opportunity to have a say on some important issues, including confirming that they want the Board wound up and deciding on the future tradeability of shares in the proposed commercial venture Wool Equities Ltd."

According to the Wool Board, it expects to post out the referendum papers and supporting information memorandum late April with referendum papers due back to the Board in late May. Growers should check the information pack for the referendum closing date.

"It's important that growers take the time to understand what the Board is proposing and participate in the referendum. By returning the referendum form growers will also effectively be taking the first step towards registering their interest in the future distribution of reserves," concluded Mr Taggart.

ENDS

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