Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Meeting Date For MIAG Resolution Confirmed

18 August 2008
PRESS RELEASE

Silver Fern Farms Confirms Meeting Date For MIAG Resolution

Silver Fern Farms will convene a special general meeting (SGM) of its shareholders on Tuesday, 7 October 2008, to consider various industry consolidation issues which are the subject of the request forms that the Meat Industry Action Group (MIAG) has organised from some Silver Fern Farms’ shareholders.

“While we have received a request to hold the meeting on or before the PGW partnership proposal vote on 8 September, the Board has determined that it would not be appropriate or practical to do so,” said Eoin Garden, Chairman of Silver Fern Farms.

“Our primary concern is the confusion that would arise around a vote on two quite separate issues – one being the PGW partnership proposal vote in which there has been a significant investment of time and resources, and the other being matters that are non-binding and which can be considered following the outcomes of two other meetings,” said Mr Garden.

“That is not to say the latter is not important and the setting of a meeting date reflects this."

Mr Garden said the directors of Silver Fern Farms supported industry consolidation in principle but believed strongly that it was in the best interest of the Company that shareholder consideration of the detailed PGW partnership proposal should not be further complicated by a number of ’guidance’ resolutions.

“A separate, and later, SGM would best serve our shareholders. The Board will be in a better position to comment on the issues to be considered in light of the outcome of the PGW partnership proposal vote on 8 September and the Alliance Group shareholders meeting on 5 September to consider the MIAG issues.

“The 7 October 2008 date enables time for directors to reflect on those matters, to formulate and despatch advice and documents to shareholders, and for a meeting to be called with appropriate notice,” Mr Garden said.


ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>

ALSO:

Snail-ier Mail: NZ Post To Ditch FastPost

New Zealand Post customers will see a change to how they can send priority mail from 1 January 2018. The FastPost service will no longer be available from this date. More>>

ALSO:

Property Institute: English Backs Of Debt To Income Plan

Property Institute of New Zealand Chief Executive Ashley Church is applauding today’s decision, by Prime Minister Bill English, to take Debt-to-income ratios off the table as a tool available to the Reserve Bank. More>>

ALSO:

Divesting: NZ Super Fund Shifts Passive Equities To Low-Carbon

The NZ$35 billion NZ Super Fund’s NZ$14 billion global passive equity portfolio, 40% of the overall Fund, is now low-carbon, the Guardians of New Zealand Superannuation announced today. More>>

ALSO:

Split Decision - Appeal Planned: EPA Allows Taranaki Bight Seabed Mine

The Decision-making Committee, appointed by the Board of the Environmental Protection Authority to decide a marine consent application by Trans-Tasman Resources Ltd, has granted consent, subject to conditions, for the company to mine iron sands off the South Taranaki Bight. More>>

ALSO: