Data sharing initiative wins national award for saving farmers time
The work Fonterra has done with Ballance Agri-Nutrients Ltd, LIC and Ravensdown to save farmers time through better data connections has been recognised with a national award.
LIC has bowed to shareholder pressure by dropping its plan to transfer its herd testing and Minda businesses to a subsidiary.
The co-op will split its business into two on December 1: LIC will handle its core business while LIC Agritech will seek external capital to grow and boost shareholder returns.
LIC shareholders had expressed reservations about transferring herd testing and Minda to a company that could one day be publicly listed.
LIC chairman Murray King told its annual meeting last week that the process on the separation “has given us the opportunity to hear what you value about LIC”.
“We’ve heard your concerns about Minda and herd testing, and can confirm that after the [business] separation both will remain with the cooperative. Minda will be owned by the co-op but operated by the agritech company.”
He said forming an agritech company allows LIC to pursue opportunities for growth, with the potential to attract external investment and generate returns for investors.
“External funding will not flow into our core genetics business, but the separation creates an opportunity to attract external investors and potentially commercial partners to the agritech business, with shareholder approval.”
LIC has also listened to shareholders and dropped its goal to be a $1 billion revenue co-op.
“We are yet to develop a new goal or statement of purpose, and will work with the shareholder council on this,” Murray told shareholders.
A motion to increase the allowance of LIC directors was passed with a narrow margin at the annual meeting. LIC told the stock exchange that 405 shareholders cast 361,566 votes in favour, while 459 shareholders cast 292,982 against. – Sudesh Kissun
Federated Farmers is joining major industry-good bodies in not advocating for the Government to withdraw from the Paris Agreement.
Managing director of Woolover Ltd, David Brown, has put a lot of effort into verifying what seems intuitive, that keeping newborn stock's core temperature stable pays dividends by helping them realise their full genetic potential.
Within the next 10 years, New Zealand agriculture will need to manage its largest-ever intergenerational transfer of wealth, conservatively valued at $150 billion in farming assets.
Boutique Waikato cheese producer Meyer Cheese is investing in a new $3.5 million facility, designed to boost capacity and enhance the company's sustainability credentials.
OPINION: The Government's decision to rule out changes to Fringe Benefit Tax (FBT) that would cost every farmer thousands of dollars annually, is sensible.
Compensation assistance for farmers impacted by Mycoplama bovis is being wound up.
OPINION: Years of floods and low food prices have driven a dairy farm in England's northeast to stop milking its…
OPINION: An animal activist organisation is calling for an investigation into the use of dairy cows in sexuallly explicit content…