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

 

Farmlands CRT merger one step closer


Media release: February 13, 2013

Farmlands CRT merger one step closer

The boards of CRT and Farmlands, recommending a merger of their societies, have attracted overwhelming shareholder support to take the process to its next stage.

The CRT shareholder meeting in Christchurch on Tuesday completed the first of two shareholder votes required to approve a merger with those in favour accounting for 85.5% of the vote, exceeding the threshold of 75% of votes necessary to proceed.

CRT chairman Don McFarlane said he was very pleased with the outcome.

“The boards and management of both societies have put considerable effort into the formulation and evaluation of the proposal before it was put to shareholders. We thought it made sense, our independent advisors agreed, and now the plans have been endorsed by the shareholders of both organisations,” he said.

Mr McFarlane said the result meant that less than three percent of the total shareholder base had voted against the proposal. This amounted to a strong mandate to proceed.

“It’s a busy time of year for farmers. Shareholder feedback at our eighteen road show meetings was valuable. Many shareholders were busy with harvest and other activities and just wanted the co-ops to get on with the merger because it made sense,” he said.

The merged entity will have 54,000 members throughout New Zealand, more than 1,000 staff, 47 farm supplies stores in the North Island and 31 in the South Island, with combined historic sales in excess of $2 billion a year.

A business plan for the merger identified potential net synergy benefits amounting to $18 million from the third year onwards.

Mr McFarlane said that, subject to a confirmatory vote by shareholders on February 27, a merger would proceed on March 1, 2013, beginning a process of unlocking benefits to Shareholders.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Frog Recruitment: Kiwi Workers Reluctant To Make Business Trips Across The Ditch Despite Trans-Tasman Bubble Opening

When the trans-Tasman travel bubble opens today, many Kiwi companies won't be rushing to buy an air ticket, reluctant to cross the ditch to do business. The latest survey conducted by leading recruitment agency, Frog Recruitment of nearly 1,000 New Zealand ... More>>

Tourism: Employers Welcome Back Working Holidaymakers

Tourism businesses gearing up for the return of Australian visitors from next week will be relieved to learn that they will also have access to an offshore pool of much-needed job candidates, Tourism Industry Aotearoa says. Tourism employers around ... More>>

Commerce Commission: Latest Broadband Report Confirms Improved Performance Of Premium Fibre Plans

The latest report from the Commerce Commission’s Measuring Broadband New Zealand programme shows that the performance of Fibre Max plans has improved substantially. This follows a collaboration between the Commission, its independent testing partner, ... More>>

Air New Zealand: Capital Raise Deferred

Air New Zealand has decided to defer its planned capital raise to later in 2021 allowing more time to assess the impacts of recent developments on the airline’s path to recovery. 'We’ve seen some clearing of COVID-19 clouds recently, with ... More>>


Stats NZ: New Report Shows Impact Of Demands On Land In New Zealand

A new environmental report released today by the Ministry for the Environment and Stats NZ, presents new data on New Zealand’s land cover, soil quality, and land fragmentation. The land cover data in the report, Our land 2021 , provides the most ... More>>

ALSO:

Stats NZ: March Card Spending Rebounds Despite COVID

There was a lift in retail card spending in March following a fall in the lockdown-disrupted February month, Stats NZ said today. Seasonally adjusted retail card spending rose by $53 million (0.9 percent), compared with February 2021. Visit our website to read ... More>>

PwC: Outcome Of Review Into Air New Zealand Gas Turbines Business

Air New Zealand has received the report into its Gas Turbines business from independent external advisers PwC. Air New Zealand Chairman Dame Therese Walsh says the report identified a range of effective controls in the Gas Turbines revenue contracting ... More>>