A total of 2,675 shareholders voted, representing 92,495,558 shares or more than 88% of all shares on issue Of these, more than 87% voted in favour of the proposal, meeting the threshold required under the Takeovers Code.
Dawn Meats, one of Europe’s leading red meat processors, will acquire a 65% shareholding in Alliance Group, with farmer-shareholders retaining a 35% stake.
Alliance Group chair Mark Wynne says the result demonstrates strong farmer confidence in the company’s future direction.
“Our farmer-shareholders have given a clear mandate for Alliance to move forward in partnership with Dawn Meats. This is a vote of trust in our people, our operations and our vision.
“We’re really excited about the potential for this partnership and what the future holds for Alliance and Dawn.
“This essential investment will strengthen our financial position, enhance our operational capability and enable us to capture more value in market for our farmers and the country.
“Importantly, the agreement also preserves farmer ownership, with a continuing 35 per cent shareholding and strong governance rights.”
Wynne says the positive outcome followed a comprehensive two-year process to reset and re-capitalise the business.
The board explored every option to secure Alliance’s future. The Dawn Meats proposal stood out as the best strategic and financial path forward, a view confirmed by independent adviser Northington Partners, Wynne says.
“By combining Alliance’s lamb expertise and global reach with Dawn Meats’ strength in beef and market access across Europe and the UK, we unlock significant commercial and operational synergies.
“This partnership gives our farmer-shareholders the opportunity to see the value of their residual 35 per cent stake grow over the long term.”
Wynne thanked shareholders for their trust and confidence, and the Alliance team for achieving a remarkable turnaround.
“The future looks much brighter than it did 12 months ago. We’re looking forward to getting down to work.”
