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MIAG And SFF Avoid Court Action

MEDIA STATEMENT FROM THE MEAT INDUSTRY ACTION GROUP [MIAG]

21 August 2008

MIAG And SFF Avoid Court Action

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 and Silver Fern Farms have reached agreement on the timing of the Special General Meeting called by SFF shareholders. SFF have agreed to call the MIAG resolutions for a meeting on the 7th October. If the PGGW partnership goes through on 8th September SFF have agreed PGGW will not be entitled to a vote on the MIAG Resolutions leaving farmer shareholders free to decide the MIAG Resolutions.

Chairman John Gregan is pleased that a satisfactory outcome could be achieved without recourse to the High Court. This allows existing farmer shareholders their vote on progressing an Alliance merger and the National Champion on 7th October independently of the PGGW vote on 8th September.

Both SFF and MIAG are pleased that they have been able to discuss and resolve these issues.


ENDS

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