Possible Merger of ASURE and Agriquality

Possible Merger of ASURE and Agriquality

Media Statement from the Chair, ASURE New Zealand Limited

As a result of the Minister for State-Owned Enterprises’ decision to introduce a bill on 27 March 2007 to provide for a merger of ASURE and AgriQuality, the ASURE Board has agreed, as requested, to co-operate fully in the preparation of a business case to assess the economic viability of a merger.

Taking account of current business and market conditions, the ASURE Board recently reviewed its 2005 decision that a merger would not add value for its shareholders. ASURE subsequently advised shareholding Ministers of its support for an evaluation of the potential economic benefits to the shareholder, and New Zealand’s primary sector economy, from the establishment of a single State Owned Enterprise providing market access, food safety and biosecurity services.

The Directors and senior management of ASURE aim to ensure the evaluation process proceeds quickly so that there can be certainty for our staff and customers.

ENDS

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