FMA: Assessment of complaints against Silver Fern Farms
FMA concludes assessment of complaints against Silver Fern Farms
The Financial Markets Authority (FMA) has concluded its assessment of complaints received about Silver Fern Farms Limited (SFF) and will be taking no further action.
The FMA received a small number of complaints in April 2016 relating to Silver Fern Farms Limited and documents released to its shareholders in September 2015. A complaint was also made about the resolution approving the transaction with Shanghai Maling Aquarius Co. Ltd (Shanghai Maling).
The FMA considered whether information sent to SSF’s shareholders could be substantiated and concluded that SFF’s Notice of Meeting and Shareholder Information Pack, dated September 2015, was not misleading or deceptive.
The FMA also makes a recommendation to Silver Fern Farms and companies that have high seasonal debt to consider how they can provide useful and meaningful information to their investors in their annual reports.
Colin Magee, Head of Conduct said, “We encourage SFF and other companies with seasonally variable financial information to consider reporting average and peak annual debt. If SFF had provided shareholders with such information on a more consistent basis this would have helped shareholders to better understand their financial position.”
A summary of the complaints and the FMA’s findings may be found here.