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

 

Strong Support for Shanghai Maling Partnership

Silver Fern Farms’ Shareholders Reaffirm Strong Support for Shanghai Maling Partnership

• 80.4% vote in favour of the resolution to enter the partnership with Shanghai Maling

• Shareholders remain strongly in support of Shanghai Maling as partner to secure an improved and sustainable future for Silver Fern Farms

• Board calls on Messrs Shrimpton and Gallagher to acknowledge wishes of the significant majority and cease their negative stance toward the transaction.

A strong majority of 80.4% of votes in favour of the 50/50 partnership with Shanghai Maling reinforced Silver Fern Farms Board’s position that the partnership is in the best interests of shareholders and the Co-operative.

The resounding support from shareholders came at a Special Meeting requisitioned by Messrs John Shrimpton, Blair Gallagher and a group which included 31 other shareholders who supported a statement stating they wanted to stop the $261m investment into Silver Fern Farms.

The 80.4% of shareholders’ votes in support of the partnership follows the result of the October 2015 vote, where 82% of votes cast supported the transaction. Both vote results exceeded the 75% Special Resolution threshold put forward by the Requisitioners. Chairman Rob Hewett said it was pleasing shareholders remained overwhelmingly supportive of the partnership.

“While the Board has clearly stated its view that the outcome of this meeting could not bind the company given the valid and binding approval last October, it is pleasing to see shareholders reaffirm their support and maintain their confidence in this exciting opportunity to create a sustainable Silver Fern Farms,” Mr Hewett said.

Mr Hewett said the partnership would create a strong Silver Fern Farms.

“This partnership will enable us to generate higher, sustainable returns for our shareholders.

“Shareholders have again made it clear they want progress for their company. They want meaningful change and are genuinely excited about the prospects presented through this significant investment and partnership with Shanghai Maling.

“The Board has strongly disagreed with the negative stance on the transaction taken by Messrs Shrimpton and Gallagher. They have caused significant disruption and their actions have been damaging to the company. Their allegations have proven to be entirely unfounded. Independent reviews by both the Financial Markets Authority and the Registrar of Companies have found no issue with the information provided to shareholders in October 2015 or the actions of the Directors.

Chief Executive Dean Hamilton said the process to complete the transaction had continued with all outstanding information now with the Overseas Investment Office for its consideration.

“We remain confident that we will achieve OIO approval prior to 30 September, and proceed to complete the transaction by 4 January 2017 as previously announced.

“The clear message from the voters is to get on with it, and realise this opportunity ahead of us.”

2610 shareholders voted representing 62.15% of eligible votes.


ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

DIY Law: Government Exempts Some Home Improvements From Costly Consents

Homeowners, builders and DIYers will soon have an easier time making basic home improvements as the Government scraps the need for consents for low-risk building work such as sleep-outs, sheds and carports – allowing the construction sector ... More>>

ALSO:

Media Awards: The New Zealand Herald Named Newspaper Of The Year, Website Of The Year At Voyager Media Awards

The New Zealand Herald has been labelled a “powerhouse news operation” as it claims the two biggest prizes – Newspaper of the Year and Website of the Year – along with many individual awards at the 2020 Voyager Media Awards Website of the ... More>>

ALSO:

ASB Bank: ASB Takes The Lead Again With New Low Home Loan Interest Rate

ASB has moved again to support its customers, cutting a number of home loan rates, including the two-year special rate to a new low of 2.69% p.a. Craig Sims, ASB executive general manager Retail Banking says the reduced rate will be welcome news for many ... More>>

ALSO:

Nathan Hoturoa Gray: The Problems With Testing And Case Statistics For Covid-19

To begin to understand disease transmission in a country requires adequate testing of your population with properly vetted, accurate tests. As the world struggles to find what 'adequate percentage' of the population is necessary, (estimates predict ... More>>

ALSO:

RNZ: Fletcher Building To Lay Off 1000 Staff In New Zealand

The construction company will cut around 10 percent of its workforce as it struggles with the fallout from Covid-19. More>>

ALSO:

Can Pay, Won't Pay: Cashflow Moves Urged

Government Ministers are asking significant private enterprises to adopt prompt payment practices in line with the state sector, as a way to improve cashflow for small businesses. More>>

ALSO:

Gordon Campbell: On Why We Should Legally Protect The Right To Work From Home

For understandable reasons, the media messaging around Level Two has been all about “freedom” and “celebration”, but this is not necessarily going to be a universal experience. When it comes to workplace relations, Level Two is just as likely to ... More>>

ALSO:


Telecoms: Spark Welcomes Spectrum Allocation And Prepares For 5G Rollout Over The Next 12 Months

Spark welcomes spectrum allocation and prepares for 5G rollout over the next 12 months Spark today welcomed the announcement of the direct allocation process of 5G spectrum, with the Company to be offered management rights to 60 MHz of 3.5 GHz ... More>>

ALSO:



Media Blues: Stuff Chief Executive Buys Company For $1

Stuff chief executive Sinead Boucher has purchased Stuff from its Australian owners Nine Entertainment for $1.
The chief executive was returning the company to New Zealand ownership, with the sale is expected to be completed by 31 May.
"Our plan is to transition the ownership of Stuff to give staff a direct stake in the business as shareholders," Boucher said in a statement.... More>>

ALSO:

RNZ: Bar Reopening Night 'much, Much Quieter'

Pubs and bars are reporting a sluggish first day back after the lockdown, with the fear of going out, or perhaps the joy of staying home, thought to be a reason for the low numbers. More>>

ALSO:

Stats NZ: New Zealand’s Population Passes 5 Million

New Zealand's resident population provisionally reached 5 million in March 2020, Stats NZ said today. More>>

NIWA: Seven Weeks Of Clearing The Air Provides Huge Benefits: Scientist

Seven weeks of lockdown has provided evidence of how pollution can vanish overnight with benefits for the environment and individuals, says NIWA air quality scientist Dr Ian Longley. Dr Longley has been monitoring air quality in Auckland, Wellington ... More>>

ALSO:

Government: Tax Changes Throw Cash Lifeline To SMEs

A significant package of tax reforms will be pushed through all stages in Parliament today to throw a cash flow lifeline to small businesses. More>>

ALSO:

Statistics: Some Indicators Pick Up As New Zealand Moves Out Of Lockdown

New Zealanders moved around more in the main centres and used more fuel and power while weekly exports held up as the country left the COVID-19 level 4 lockdown, Stats NZ said today. COVID-19 data porta l, our new webpage, includes about 40 near-real-time ... More>>

ALSO:



University Of Canterbury: Astronomers Discover The Science Behind Star Bursts That Light Up The Sky

University of Canterbury (UC) astronomers are part of an international team that has revealed how explosions on the surface of a white dwarf star can increase its brightness by thousands or millions of times making it look like a new star. For ... More>>

RNZ: International Passenger Numbers At Auckland Airport Drop 95 Percent

Auckland Airport says international passengers numbers have dropped more than 95 percent in the first 20 days of April over the year earlier. More>>

ALSO:

Biodiversity Policy: Misinformation Circulating

Forest & Bird is concerned at misinformation circulating regarding a policy statement aimed at protecting New Zealand’s unique biodiversity. The National Policy Statement for Indigenous Biodiversity is being consulted on by the ... More>>

ALSO: