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Meeting Date For MIAG Resolution Confirmed

18 August 2008

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.


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