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


LIC receives approval for share simplification proposal

12 April 2018

Media release

LIC receives Ministerial approval for share simplification proposal

The Board of Livestock Improvement Corporation Limited (NZX: LIC) (LIC) has received Ministerial approval from the Minister of Agriculture to proceed with the proposed changes to the co-operative’s constitution as part of 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. LIC’s shareholders voted strongly in support of the proposal in March 2018. Of the votes received, 87.69% of co-operative shares and 83.39% of investment shares were voted in favour of the proposal.

Under the Dairy Industry Restructuring Act, LIC was also required to seek Ministerial consent for the proposed changes to LIC’s constitution that will enable the proposal to be implemented.

LIC Chairman, Murray King said the Board had now received a letter from the Minister of Agriculture, Hon Damien O’Connor giving his consent for the changes.

“The Board would like to thank Minister O’Connor for his consent. LIC is an important part of the New Zealand dairy industry and the simplification of LIC’s share structure is an important step to future-proof our co-op for farmers.”

Murray King said LIC would now proceed with the next steps in implementing the simplified share structure.

“The Board intends 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,” said Murray King.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Land Report: Issues With Soil Degradation

An environmental report released today has found we are damaging and losing our soils and our native plants and animals. More>>


Water Quality Report: Cause For Optimism

National River Water Quality Trends released by Land, Air, Water Aotearoa (LAWA) this week, reveal that for all river water quality parameters monitored over a 10 year period, more sites were improving than deteriorating. More>>


IMF Report On NZ: Positive Economic Outlook

Minister of Finance Grant Robertson has welcomed the IMF’s Concluding Statement, released following its annual visit, which provides an independent assessment of the strength of the New Zealand economy. More>>


Retail Power Price: Review Panel Named

The Energy and Resources Minister Megan Woods has released the details of who will sit on an expert advisory panel which is tasked with leading a review into the price of electricity in New Zealand. More>>


Increasingly Disruptive Threats: Govt Cyber Security Refresh

Broadcasting, Communications and Digital Media Minister Clare Curran today announced a comprehensive refresh of New Zealand’s approach to cyber security. More>>


Regional Growth: Action Plan To Modernise Taranaki’s Economy

The Provincial Growth Fund (PGF) will invest up to $20 million to help future-proof the Taranaki region by diversifying its economy, creating additional jobs and leveraging off the strong base the region has established through its oil, gas and agricultural ... More>>


Winding Down Irrigation: Funding Ends For Crown Irrigation Investment

The Government has begun winding down public funding for large-scale irrigation through Crown Irrigation Investments Limited (CIIL), in line with the Coalition Agreement and the Confidence & Supply Agreement. More>>