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Silver Fern Farms U-Turn Must Halt OIO Decision

Rt Hon Winston Peters
New Zealand First Leader
Member of Parliament for Northland
2 MAY 2016

Silver Fern Farms U-Turn Must Halt OIO Decision

New Zealand’s largest meat exporter, Silver Fern Farms, has spectacularly backed down after a shareholder revolt and will now seek a special shareholder meeting to approve its sale to Chinese SOE, Shanghai Maling.

“The Ministers in charge of the Overseas Investment Office must now tell it to suspend any determination until that special meeting is held,” says New Zealand First Leader and Northland MP Rt Hon Winston Peters.

“Given the cavalier attitude Silver Fern Farms Board and CEO have shown, this sudden U-Turn means 2015’s ordinary resolution has been set aside. It vindicates New Zealand First’s unease about this ‘deal’ from the get-go.

“Yet the language of Silver Fern Farms’ media release is extraordinary. It repeats the line that they’re right, but if that was true why have they blinked?

“It is because they do not want this deal to go anywhere near a court of law because they know they are pushing legal boundaries.

“As is the claim that the deal is so far progressed that it is now too late. Really? We thought it was contingent upon OIO approval and lawful process, but that’s part of a narrative that the media have been suckered into believing.

“We will be forwarding Silver Fern Farms’ own release to the Overseas Investment Office, Takeovers Panel, Financial Markets Authority, Companies Office Registries Integrity and Enforcement Team as well as the Commerce Commission.

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“We applaud the shareholders for sticking up for their rights but this back down raises far more questions than it answers. If shareholders are told the truth heads will and should roll,” says Mr Peters.

Section 129 of the Companies Act 1993 clearly stipulates that a company cannot enter into a “major transaction” unless it has been approved by a special resolution, or is contingent on approval by special resolution. In the case of SFF’s constitution, this entails 75 percent of all shares carrying voting rights.


ENDS

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