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Call For Urgent Special General Meetings

STATEMENT FROM THE MEAT INDUSTRY ACTION GROUP [MIAG]

WEDNESDAY 16 JULY 2008

Call For Special General Meetings To Be Held Urgently


MIAG’s objective is the formation of a farmer controlled, market led, National Champion – a company that has 80% of red meat procurement, processing and marketing to get the critical mass needed to improve farmer returns.

MIAG has taken the next step towards achieving the ultimate goal of creating a National Champion to improve farmer returns and ensure the survival of an industry that is one of the backbones of the New Zealand economy.

MIAG has now formally requested that Special General Meetings be called by Silver Fern Farms Ltd (PPCS) and Alliance Group Ltd.

The request has come as a result of MIAG achieving the required threshold of support from shareholders of both companies.

MIAG has requested that a series of resolutions be put before shareholders and will call for supporters to provide MIAG with their proxies for these meetings.

MIAG spokesperson John Gregan says the resolutions will enable the process for creating meat industry consolidation to begin.

“We are now communicating with the two companies about confirmation of the SGMs and the resolutions to be put before shareholders. We are urging the key parties to take notice and listen to the voice of shareholders and farmers who are passionate about the industry and its survival and the clear need for a farmer controlled, market led National Champion.”

MIAG will provide the specific resolutions once it has received feedback from the two companies. The resolutions seek to direct the two Boards to co-operate to design the National Champion and to be held accountable to shareholders at special director elections in March 2009.


ENDS

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