Meat co-op dilemma
Meat processor Alliance Group's cash-strapped farmer shareholders face a dilemma - either pour more money into the co-operative or risk losing 100% ownership and control.
Alliance Group says it has paid farmer shareholders a further $1.67 million in loyalty payments.
This brings the total bonuses it has distributed for the season to $15.2m.
The latest quarterly payments were made to the co-operative’s ‘platinum’ and ‘gold’ shareholders who supply 100% of their livestock to Alliance. The latest payments cover the July to September period.
Last season, Alliance paid out $14.6m in loyalty payments to shareholders. Chief executive David Surveyor said the increase on last season is good news for farmer shareholders.
“Our loyalty payments programme rewards our farmers for committed and consistent supply. As a co-operative, we are focused on ensuring the interests of our shareholders are at the heart of every decision we make.
“Farmer shareholders also benefit in other ways including yield contracts, priority processing, an opportunity to participate in premium portfolio opportunities and free store stock facilitation.”
Platinum and gold shareholders are paid an additional 10 cents per kilogram for each lamb, 6 cents/kg for a sheep, 8.5 cents/kg for cattle and 10 cents/kg for deer.
Alliance will hold its annual meeting in Palmerston North on December 18.
Bankers have been making record profits in the last few years, but those aren’t the only records they’ve been breaking, says Federated Farmers vice president Richard McIntyre.
The 2023-24 season has been a roller coaster ride for Waikato dairy farmers, according to Federated Farmers dairy section chair, Mathew Zonderop.
Ministry for Primary Industries (MPI) director general Ray Smith says job cuts announced this morning will not impact the way the Ministry is organised or merge business units.
Scales Corporation is acquiring a number of orchard assets from Bostock Group.
Family and solidarity shone through at the 75 years of Ferdon sale in Otorohanga last month.
The Ministry for Primary Industries (MPI) has informed staff it will cut 391 jobs following a consultation period.
OPINION: This old mutt well remembers the wailing, whining and gnashing of teeth by former West Coast MP and Labour…
OPINION: Your canine crusader gets a little fed up with the some in media, union hacks, opposition politicians and hard-core…