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Satara Decides To List On NZAX

September 28, 2004

Satara Decides To List On NZAX

One of New Zealand’s largest kiwifruit and avocado post-harvest businesses, Satara Co-operative Group Limited, has decided to apply to the NZX to have the company’s Investor class of shares quoted on the NZAX before the end of the year.

The decision was made yesterday at a special meeting in Tauranga which saw Satara shareholders overwhelmingly approve the adoption of a new constitution that will pave the way for a NZAX listing.

Satara’s chairman, Andrew Fenton, says the decision to list means that investor shareholders will have a market to trade on.

“It was always our intention to list on a market,” he says. “That was part of our five-year plan.”

Fenton says the time is now right for Satara to list and the NZAX provides an ideal vehicle for this.

“We wanted to tighten up governance provisions to ensure the company remains in the growers’ control. The changes to our constitution will enhance grower control as well as complying with NZAX listing rules and enabling the listing of Investor shares.”

With revenue of $50 million, Satara’s activities include orchard management and leasing, picking, grading and storage of product. Major importance is placed on delivery to market in strict compliance with international food safety standards, and in a manner which meets consumer expectations.

Satara was the first co-operative in New Zealand to adopt a hybrid capital structure. This unique structure comprises two share classes – Transactor shares for co-operative members and Investor shares for those who desire an investment in the kiwifruit and avocado industry.

Transactor shares return rebates and enable kiwifruit and avocado growers to enjoy the benefits of belonging to a co-operative. Investor shareholders fund most of the capital, benefit from the group’s non-co-operative activities and are entitled to dividends.

Thirty two per cent of Satara’s Investor class of shares are held in the public domain by former growers. Since their initial issue to growers in 1999, Investor shares have been freely tradeable.

Satara’s decision to list follows a milestone season which saw it harvest a record 11.1 million trays of kiwifruit – nearly two million more than was harvested in 2003.

ENDS

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