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MIAG ‘Agitation’ Counterproductive

14 August 2008

PRESS RELEASE

MIAG ‘Agitation’ Counterproductive

Eoin Garden, Chairman of Silver Fern Farms, says he is ‘appalled’ that a group of farmers believed the ‘shape of the meat industry for the next 20 years’ could be determined by court action.

Mr Garden pointed out that Silver Fern Farms had already agreed to hold a meeting immediately following its Special General Meeting of 8 September being held for the vote on the partnership proposal between PGG Wrightson (PGW) and Silver Fern Farms. “It is absolutely misleading to state that we have refused to hold a special general meeting to consider MIAG requests.

“In our letter dated 10 August (attached) we made a commitment to the Meat Industry Action Group (MIAG) to hold a Special General Meeting which would be called irrespective of the outcome of the vote on the PGW partnership proposal. Therefore the time, resources and money that MIAG will cause Silver Fern Farms to waste on court action defies belief."

Mr Garden said it was important to get an outcome on the PGW proposal. ”On approval of that transaction the new board would hear the issues raised at that Special General meeting based on MIAG’s issues. We have a firm option on the table to be voted on, whereas MIAG requirements are about a process as opposed to a concrete transaction.

“MIAG has already caused considerable disruption to both Silver Fern Farms and Alliance Group through their actions, particularly related to governance and other issues central to the management of both companies,” he said.

“It is more likely that history would record MIAG, by its actions in destabilising the governance of both companies, has in itself been the cause of slowing the progress of industry consolidation.

“Further, to suggest we are treating shareholders with contempt is nonsense. We have been meeting with shareholders for the past three weeks discussing the proposed transaction with PGW along with others matters in relation to Sliver Fern Farms and the industry,” Mr Garden said.

ENDS

--

10 August 2008
Mr John Gregan
Chairman – MIAG


Dear John

We refer to the letter from our lawyers, Harmos Horton Lusk to yours, Duncan Cotterill last Thursday 7 August.

Consistent with that letter, I now undertake on behalf of the company to convene a special meeting of Silver Fern Farms shareholders to be held after the special meeting called to consider the PGW partnership proposal. The board will call the special meeting irrespective of the outcome of the scheduled special meeting - i.e. whether or not the proposal is approved. This undertaking will be honoured irrespective of any board changes, should you wish to proceed with it following the scheduled meeting.

We also undertake to work with you to frame the matters you wish to have debated at that meeting.

Yours sincerely
E R H Garden
Chairman

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