PGW - Farmers Vote for Change
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PGG Wrightson Limited (PGW) | 1:12 pm, Monday 8 September 2008 | PGW | 1.500 |
 -0.030 |
(-1.96%) |
NEWS RELEASE
8 September 2008
FARMERS VOTE FOR CHANGE
Farmer shareholders in Silver Fern Farms have voted overwhelmingly in favour
of the partnership proposal with PGG Wrightson (PGW), taking a major step in
securing a sustainable future for New Zealand's red meat industry.
75.62 percent of the votes cast were in favour of the partnership. The vote
attracted a very high turnout, with more than 83.3 percent of the eligible
votes being cast. Remarkably, 100 percent of the votes cast at the Special
General Meeting today voted in favour of the proposal.
In a joint statement, Mr Garden and PGW Chairman Craig Norgate said: "This is
a great day for both companies and indeed the red meat industry in New
Zealand. We are excited by the opportunity to create a truly vertically
integrated supply chain - from plate to pasture - that better serves the
needs of international customers. We intend capitalising on the
opportunities presented by an increasingly affluent and sophisticated
international market, for high quality red meat products.
"Our relationship is based on a shared vision for the industry and an
alignment of commercial drivers. That vision also extends to a committed
drive for further industry consolidation, and this vote in favour of the
partnership is a clear mandate from our shareholders to pursue this
direction. We look forward to now being able to implement our strategies and
to make positive and value enhancing changes for all stakeholders."
The partnership transaction is to be implemented by 1 October 2008.
For further information:
Barry Akers Hugh Martyn
Senescall Akers Group GM - Rural Services, PGG Wrightson Limited
+64 9 309 5656 +64 3 372 0974
+64 021 571 234 +64 027 4747 470
