Illustrious lives up to his name
An elite Holstein Friesian bull, Farside M Illustrious S3F, has been inducted into the "Hall of Fame", an honour exclusively reserved for animals that have delivered a significant contribution to the dairy industry.
A LIC board proposal to buy a 50% stake in Israeli agri tech company Afimilk has been knocked back by shareholders.
The shock result is being blamed on uncertainty around Covid-19 and its impact on the global economy.
Over 70% of votes cast rejected the $108 million deal; only 27.5% of votes cast backed the deal. Just over 2% abstained at a special general meeting today.
LIC chairman Murray King says the board understands and respects its shareholders’ decision, particularly given these impacts and the wider domestic and global economic uncertainty.
“The market and economic volatility seen since late February saw shareholder uncertainty and nervousness about embarking on an acquisition increase through the voting period.
“When we announced this proposal, no one could have foreseen the rapid and unprecedented impacts of COVID-19 that resulted in material impacts on this acquisition, arising from exchange rate volatility, difficulty in efficient transfer of governance and risk of earnings impact for the Afimilk business.”
LIC announced in February that it was seeking shareholder approval to acquire a 50% stake in Afimilk, which develops and commercialises dairy farm technology and farm automation systems. The acquisition, valued at $108.7 million when announced, was conditional on a number of matters including shareholder approval.
King thanked shareholders for their careful consideration of the proposal.
“This was a significant, but achievable long-term strategic investment opportunity for LIC. The board and management team undertook a thorough and independently assessed due diligence process before recommending this investment to shareholders because it made strong commercial sense financially and strategically.
“It is vital that LIC keeps its world-leading edge in pastoral dairy farming data, while broadening access to new information to meet future needs and challenges.”
In a win for rural advocacy groups, New Zealand’s five largest banks have agreed to keep regional branches open for three more years.
It’s World Milk Day today (June 1), a time to celebrate the vital role that milk, and dairy products play in our lives and acknowledge the tremendous contributions of the New Zealand dairy sector.
A Waikato accountant says dairy farmers putting together their budget for 2025 won’t have much to cheer for even with an $8/kgMS forecast milk price.
Federated Farmers president Wayne Langford says the Coalition Government’s first budget unveiled yesterday has no frills or surprises.
In the rural landscapes of New Zealand and Ireland, a shared agricultural heritage thrives, built on a strong mixture of tradition and innovation, with mirror image climates earning both countries global acclaim for their food quality and sustainable agriculture.
The National Fieldays brings together farmers, innovators, industry leaders, and rural enthusiasts.
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