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

 


Livestock Improvement freed from legislative shackles

Livestock Improvement freed from legislative shackles following database transfer

By Jonathan Underhill

Aug. 6 (BusinessDesk) - Livestock Improvement Corp, which provides testing and artificial breeding services to the dairy industry, has been freed from legislative constraints on changing its constitution or demutualising following the transfer of its core database to DairyNZ.

The restrictions had been put in place because LIC, as it is known, held a genetics data base on the entire New Zealand dairy herd. In 2012, LIC and DairyNZ agreed to the transfer of the database to the Dairy Industry Good Animal Database to be run by DairyNZ, an industry group for New Zealand dairy farmers. Under the rules, LIC had to get consent from the Minister for Primary Industries to change its constitution or demutualise.

Chief executive Wayne McNee told BusinessDesk there were no plans to change the cooperative but the new freedom would help the company achieve its target of reaching $1 billion of revenue by 2025. It plans to do this through a combination of organic growth, expanding overseas and through acquisitions.

LIC had no need to publicly raise any capital for acquisitions because it carried no long-term debt and had "significant seed funding available," McNee said.

Shares of LIC trade on the NZX in a market restricted to members of the cooperative. They were last quoted at $6.341, giving the company a market value of $187 million.

Last month LIC reported full-year profit dropped about 24 percent to $18 million, reflecting spending on technology and infrastructure and a drop in the value of its biological elite bull team.

McNee said LIC is upbeat about the outlook for the dairy industry despite this year's slide in prices of dairy products.

"We still see massive opportunity in the dairy industry and we see a good year for us," he said.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

March 2017: Commerce Commission Delays Decision On Fairfax-NZME

The Commerce Commission has delayed its decision on the proposed merger between NZME and Fairfax Media's New Zealand assets, saying the deal is complex and it needs more time to assess the impact on both news content and the advertising market. More>>

ALSO:

Plan Plan: Permanent Independent Hearings Panel Proposed For Planning

The Productivity Commission recommends creating a permanent independent hearings panel like the one that cut through local politics to settle Auckland’s Unitary Plan, for the whole country. More>>

ALSO:

Statistics: NZ Jobless Rate Falls To 5.1% Under New Methodology

New Zealand's unemployment rate fell more than expected in the second quarter as Statistics New Zealand adopted a new way of measuring the labour market to bring the country in line with international practices, and while a growing economy continued to support jobs growth. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news