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A group of Silver Fern Farms shareholders are urging the board to set a date for the special general meeting so farmers can have their say, before the organisation slides towards foreign capital investment.
The group are asking the co-op to provide shareholders with a full analysis of the potential benefits and risks of Alliance Group Limited and Silver Fern Farms Limited merging into one cooperative entity, along with a comprehensive risk mitigation plan verified by an independent firm.
Silver Fern Farms shareholder Allan Richardson says it was disappointing to hear, through the media, that SFF is seriously considering foreign capital investment.
“We would expect the co-op to look at all options available before it progresses with foreign capital. Foreign investment will undermine the co-op structure and New Zealand farmers will lose control of their industry. It is that simple,” says Richardson.
“The special general meeting needs to happen now, so farmer-owners can have a say in the future direction of their co-op. It is fundamental for the board to find out what farmer shareholders want and then come back and present a strategic direction for taking the co-operative forward.”
Richardson says farmers need to know if there is an economic benefit to working with Alliance.
This is an opportunity to create a new co-op with scale, where farmers come first, loyalty is rewarded and profits stay in New Zealand. Farmers may want the opportunity to invest in this new co-op. A New Zealand cooperative model must be fully examined before our red meat sector is sold off to foreign owners who will be looking to create a secure supply chain to benefit their own population and country,” he says.
Farmer John Cochrane agrees, he says the last two SFF director elections saw three new directors elected who all stood on a platform for industry change.
“If the SFF board moves ahead with foreign investment, without presenting alternatives to its shareholders, they are not listening to their farmers. This would be a very brave board indeed.”
“Over the past months we have been speaking with many farmers throughout the country. They want the resolution supported so that we can find out once and for all, the options available to keep our cooperative model.
“Farmers want a co-op committed to cooperative principles, and to ensuring that farmers retain ownership and control,” says Cochrane.
“This is critical to growing future returns and putting money back into farmers’ pockets.”
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