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MIAG Releases Resolutions


THURSDAY 24 JULY 2008

MIAG Releases Resolutions

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 today released the resolutions it has requested that Silver Ferns Farms Ltd [PPCS] and Alliance Group Ltd put before shareholders at Special General Meetings. Those meetings have been called by over 5% of each co-operatives' shareholders. A copy of the full resolutions is attached.

MIAG spokesperson John Gregan says the resolutions are crucial to 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 formally requested that both companies call Special General Meetings and put the resolutions to shareholders and are now waiting for a date to be set. The date of 6 August originally proposed is not going to be achievable according to MIAG discussions with the companies.

John Gregan says the resolutions have been drafted and constructed by MIAG's legal team. As a matter of law shareholders cannot force directors to make management decisions but the resolutions do provide for Director elections to be in March 2009 to allow shareholders an opportunity to hold their Directors accountable.

The resolutions propose the design and creation of a single co-operative, a National Champion, by a constitutional committee made up of representatives from both SFF and Alliance Boards and Meat and Wool NZ. The constitutional committee would have an independent Chair appointed by MIAG to ensure the constitutional committee remains focused achieving real progress.

"The independent Chair would be the main conduit to overcoming the current impasse that has developed between the two major farmer-owned co-operatives. No changes can be made without the approval of the shareholders but the resolutions are aimed at overcoming some of the obvious hostility between the two Boards so constructive discussions can take place," says John Gregan.

"This is the time for action. We can not continue as we are now and both Boards need to take a step back and give serious consideration to the messages being sent by their farmer shareholders."

ENDS

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