Friday, 01 July 2016 14:55

SFF and Shanghai Maling agree revised transaction dates

Written by Rural News Group

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Chief executive Dean Hamilton.

Silver Fern Farms and Shanghai Maling have agreed in principle and subject to respective board approvals to a revised date of September 30, 2016.

The date is to meet the only remaining condition, OIO approval, for the $261m investment by Shanghai Maling.

Chief executive Dean Hamilton says: "We needed to allow more time to answer the further information requests from the OIO and to then provide sufficient time for the OIO and then Ministers to consider the application. We continue to believe that the investment will be approved given its substantial merits."

"The agreement to the new date reflects positively on the ongoing commitment of both parties to the transaction."

On the basis of the revised OIO date, the parties have agreed to a completion date of January 4, 2017. This will align with what will become the new balance date for Silver Fern Farms and the new financial year of Shanghai Maling, the company says.

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