Westpac NZ Becomes First Bank to Accept Zespri Shares as Lending Security
Westpac NZ has become the first New Zealand bank to receive approval from the Reserve Bank of New Zealand (RBNZ) to secure and leverage kiwifruit growers' Zespri shares.
Green proved a particular standout, with the latest forecast Green per tray returns at a record level of $9.00. This compares to last season's final Orchard Gate Return (OGR) of $5.78 per tray.
For Zespri Organic Green, the forecast per tray is at $12.00, up from last season’s final OGR of $8.68.
For Zespri RubyRed, the OGR per tray is forecast at $26.10, above last season’s final OGR of $22.27.
Forecast SunGold Kiwifruit returns are at $12.35, well above last season’s final OGR of $9.97, and forecast returns for Organic SunGold are also up at $14.15. The November forecast returns are up across all categories on the August forecast mainly due to improved fruit quality this season.
Zespri chief executive Dan Mathieson says the results reflect the strong and growing demand for Zespri Kiwifruit, as well as the huge effort the industry has put into improving fruit quality this year.
“It’s really pleasing to be able to deliver this positive news and to show growers that their hard work and focus on quality is being rewarded in market,” says Mathieson.
He says the result is a particularly good one following a tough couple of years in which growers have been under pressure trying to manage ongoing cost increases, labour shortages, regulatory changes, and climate change.
“We’ve received positive feedback from our customers throughout the season on the improvement in fruit quality – our efforts have been really appreciated by them – and they also keep telling us how they want even more of our Zespri Kiwifruit next season,” Mathieson says.
However, Mathieson says the job on quality isn’t done yet, adding that the company will be continuing to focus on it as it looks to 2024.
“As we have this year, it’s going to need everyone across the industry doing their part so we build on the positive changes we’ve made – as that’s crucial to returning more value back to growers,” he says.
“One thing our growers can have confidence is whatever fruit we can get to market in the right condition will sell and sell well,” he concludes.
