SFF to vote again on proposed stake sale
Print Edition
SHAREHOLDERS in New Zealand’s biggest meat cooperative will hold a second vote on July 11 on whether to go ahead with a tie-up with China’s biggest meat processor, although the cooperative’s board has vowed to ignore the result and press ahead with the deal.
Silver Fern Farms yesterday announced the date for the special meeting, when shareholders will again vote on the 50 percent sale to Shanghai Maling Aquarius Co.
The meeting was requisitioned by 80 SFF shareholders who claimed the documents issued by the board misled them into voting for the sale at a meeting last October.
However, the Financial Markets Authority, the market watchdog, on Wednesday cleared the board of issuing misleading or deceptive documents. The board said yesterday that it regarded the matter “as now put to rest.”
“It is the board’s firm view that the cooperative is not, and will not be, bound by the result of the resolution that has been put up and that the transaction with Shanghai Maling remains in the best interests of the cooperative and its shareholders,” the statement said.
“Further, the board intends for the cooperative to complete the Shanghai Maling transaction in accordance with the shareholder approval already given.”
More than 80 percent of SFF shareholders in October voted in favor of selling a half stake to Shanghai Maling, which is 38 percent owned by China’s Bright Food Group, for NZ$261 million (US$176 million).
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