Red meat exports slump, thanks to China
Weaker pricing and demand from China continue to impact New Zealand red meat export earnings.
At a special meeting in Dunedin yesterday, 82.2% of supporters voted in favour of the deal.
SFF chairman Rob Hewett says he is pleased with the overwhelming support shown by shareholders.
"It's all about better returns to our suppliers of livestock," he told shareholders after announcing the results.
"The understanding of our strategy is very gratifying."
The vote result will be relayed to Shanghai Maling, who will take it to its shareholders in China on October 30.
Hewett says SFF has a letter of support from Bright Foods, which owns 38% of Shanghai Maling.
"That's a huge degree of confidence in this transaction," he says.
Hewett expects the deal to finalise within nine months.
"We hope its sooner rather than later," he says.
"So this year, it will be business as usual for Silver Fern Farms."
