Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More

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

 

LIC gets green light for share simplification

LIC gets the green light from shareholders for share simplification proposal

Following a Special Meeting held today the Board of Livestock Improvement Corporation Limited (NZX: LIC) (LIC) has announced that it has received shareholder support to proceed with its proposal to simplify LIC’s share structure.

The proposal will bring the farmer owned co-operative’s existing two classes of shares together into a single class.

Of the votes received, 87.69% of co-operative shareholders and 83.39% of investment shareholders voted for the proposal. Turnout was 27.28% of co-op shares and 37.36% of investment shares.

For the changes to proceed they needed to be approved by both classes of shareholders, each to a level of 75% or more of the votes received.

Board Chair, Murray King, said that the result was an emphatic endorsement of the proposal from shareholders and that the Board would now proceed with the next steps in implementing the simplified share structure.

“This result is good news for LIC, our shareholders and New Zealand dairy farmers. It will allow us to decisively address the increasing disparity between the two existing classes of shares and ensure a resilient and agile co-op for the future.

“I want to thank all our shareholders who took the time to vote and to attend the roadshows that we held up and down the country.

“For myself and the other directors it was great to hear shareholders feedback on the proposal and answer a range of questions they had on the move and LIC’s performance.

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

“Under the Dairy Industry Restructuring Act, we are now required to seek Ministerial consent for the changes to LIC’s constitution that will enable the proposal to be implemented.

“We have written to the Minister of Agriculture seeking his consent and given the clear shareholder support for the proposal we are hopeful that this will be granted shortly.

“It is then the board’s intention to carry out the implementation of the proposal over July 2018 with the aim to have trading in the new single class of Ordinary Shares open on 23 July 2018.

“We will keep shareholders and the market updated on progress towards this and all shareholders will shortly receive further information on the next steps in the implementation process.

“It’s great to finally have an end in sight to what has been an exhaustive process. This has been an important step in the future proofing of LIC and the Board is pleased to see it receive strong shareholder support”, King concluded.

ENDS

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Business Headlines | Sci-Tech Headlines

 
GenPro: General Practices Begin Issuing Clause 14 Notices

GenPro has been copied into a rising number of Clause 14 notices issued since the NZNO lodged its Primary Practice Pay Equity Claim against General Practice employers in December 2023.More

SPADA: Screen Industry Unites For Streaming Platform Regulation & Intellectual Property Protections

In an unprecedented international collaboration, representatives of screen producing organisations from around the world have released a joint statement.More

 
 
 
 
 
 
 
 
 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.