Green light for acquisition
The merger of two of the country’s largest animal nutrition companies won’t lessen competition, the Commerce Commission has ruled.
Rural services company Farmlands Cooperative last week announced an improved annual result.
Chairman Lachie Johnstone described it as “another positive result for its shareholders”, with revenues reaching $2.39 billion -- 10.71% higher than in 2017.
Farmlands also made a profit of $12.2m, at least double the $5.4m it posted in the previous financial year.
Chief executive Peter Reidie says he’s delighted at another year of growth and profitability.
“Our staff have worked hard this year to deliver $91m of rebates throughout our store network, the Farmlands Card and our Fuel Card. This adds to a bonus rebate of $6.1m to be distributed to shareholders as 50% cash and 50% bonus shares.”
Reidie says Farmlands won several awards during the year, which showed the co-op is heading in the right direction.
“We have been investing in our people to better serve our shareholders. Winning the KPMG Customer Excellence Experience Award, in particular, was a great boost for our staff as this was our shareholders telling us we were doing a great job servicing them.
“To come out as the number-one brand in New Zealand for the global KPMG Award against Air New Zealand, Kiwibank, New World and ASB is tangible proof that the co-op is moving from good to great in line with our strategy.”
Johnstone said Farmlands has 3% more shareholders, which he described as a key indicator of its relevance to its customer base.
“We have witnessed a healthy turnout of candidates for the three board seats open to election this year by rotation. We have 11 shareholders running for three seats – two in the South Island and one in the North Island.”
Farmlands will farewell three long-standing directors at this year’s annual meeting on Friday November 23 in Hokitika. Joe Ferraby from Seddon, David Jensen from Tauranga and independent director Peter Wilson are standing down.
Johnstone said Rob Hewett is seeking re-election and the board is in the process of selecting a replacement independent director, to be announced soon.
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.