Fonterra, Sharesies join to make share trading easier
Fonterra is teaming up with wealth app provider Sharesies to make it easier for its farmer shareholders to trade co-op shares among themselves.
Beingmate is very close to appointing a chief executive officer, says Fonterra’s chief executive Theo Spierings.
Fonterra views this as the biggest step required at present, he says.
According to Spierings there is a mandate to execute a transformation plan and Beingmate returned a very small profit -- which includes a government grant.
“There was pressure on turnover because the market is coming out of new regulations; there is turnover pressure but a small profit,” he says.
All recommended directors were appointed at the annual meeting, “so a very calm and stable reappointment process of directors”.
Fonterra’s formula product Anmum had strong development in pilots in two cities in the first three years of the partnership. Anmum is an important pillar of the Beingmate business right now, Spierings says.
They are clearly on a pathway to a $100 million target in consumer products in year three. But cashflow and liquidity had an impact over the last couple of the months.
Spierings says it is “important that there is cash to the people buying and growing the Anmum business”.
Fonterra has written down $405 million in its Beingmate business.
“Clearly this outcome is unacceptable to our shareholders,” the co-op says in the report.
“The recovery of the value of this investment is the number-one immediate priority for the chief executive and management team.
“As an 18.8% shareholder, we do not have direct control over the company. But we are working to influence its direction and continue to call for an urgent business transformation through our relationship with Beingmate’s founder and majority shareholder.
“The board (Fonterra’s) has a working group – that includes independent directors Simon Israel and Clinton Dines – who both have significant China experience and expertise – to provide guidance and oversight to management as they work to recover the investment.”
The country’s 4200 commercial fruit and vegetable growers will vote from May 14 on a new HortNZ levy.
Meat processor Alliance Group is asking farmer shareholders to inject more capital in order to remain a 100% co-operative.
A vet is calling for all animals to be vaccinated against a new strain of leptospirosis (lepto) discovered on New Zealand dairy farms in recent years.
Dairy
Rural banker Rabobank is partnering with Food Rescue Kitchen on a new TV series which airs this weekend that aims to shine a light on the real and growing issues of food waste, food poverty and social isolation in New Zealand.
Telco infrastructure provider Chorus says that it believes all Kiwis – particularly those in the rural areas – need access to high-speed, reliable broadband.
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