Silver Fern Farms has set the date of 12 August to hold the shareholder requisitioned meeting in Dunedin.
Chief Executive Dean Hamilton stated: “We believe the right thing to do was wait until we had clarity on the transaction timing and specifically the extension to the OIO condition date between Silver Fern Farms and Shanghai Maling. Having now agreed in principle and announced the revised OIO condition date of 30 September 2016, we can update the materials to be provided to shareholders so they will be fully informed. These materials will be despatched in the second half of July.”
“Whilst the need to extend the OIO condition date is disappointing, it is required to ensure we have sufficient time to respond to the information requests by the OIO. Of note, we believe the requisitioners lodged a submission to the OIO shortly before our previous public deadline for approval of 30 June – some seven months after the OIO process began.”
The Board of Silver Fern Farms continues to strongly believe that the October 2015 meeting held to approve the investment by Shanghai Maling, the materials provided to shareholders, and the voting threshold set were fully compliant and legal in all respects. Both the FMA and Companies Office have not found any fault with the Board’s actions. An overwhelming 82.2% of votes from shareholders were in support of the partnership with Shanghai Maling. It remains in the best interests of shareholders and the co-operative, it is a significant opportunity for our farmer shareholders to create an improved future, and we intend to follow their direction and complete the transaction in accordance with the revised timetable.”