Meat co-op seeks capital from farmer shareholders
Meat processor Alliance Group is asking farmer shareholders to inject more capital in order to remain a 100% co-operative.
Sangster, from Ranfurly, has served on the board since 2011, and is a director of Glenayr Ltd, farming sheep and beef on 2,870 hectares in Central Otago. Drummond, from Avondale, was first elected in 2014. He farms sheep and cattle on 3,000 hectares in Southland. There were no further nominations.
Alliance Group chairman Murray Taggart says the re-election of Sangster and Drummond unopposed indicates shareholders have confidence in the cooperative's business strategy.
“We now have a much fitter co-operative and we are making good progress against our key measures. Alliance Group has a stronger balance sheet, improved profitability and better livestock pricing for our farmers.”
Alliance Group recently completed its annual roadshow meetings for farmer shareholders with more than 850 people attending the events across the country.
“We have welcomed a considerable number of new shareholders this year, which is an indication of our strengthening business and the value of our cooperative,” said Taggart.
“Half of those who have joined us this year are from the North Island and North Island farmers now make up 10% of our shareholders.”
Alliance Group will release its annual result on or around November 22. Farmer shareholders are also encouraged to attend the cooperative’s annual meeting in Te Anau on 14 December.
