Boost for NZ, Nordic Jerseys genetic link
A new collaboration is underway to improve the genetic links between the New Zealand and Nordic Jersey cattle populations.
LIC has bowed to shareholder pressure by dropping its plan to transfer its herd testing and Minda businesses to a subsidiary.
The co-op will split its business into two on December 1: LIC will handle its core business while LIC Agritech will seek external capital to grow and boost shareholder returns.
LIC shareholders had expressed reservations about transferring herd testing and Minda to a company that could one day be publicly listed.
LIC chairman Murray King told its annual meeting last week that the process on the separation “has given us the opportunity to hear what you value about LIC”.
“We’ve heard your concerns about Minda and herd testing, and can confirm that after the [business] separation both will remain with the cooperative. Minda will be owned by the co-op but operated by the agritech company.”
He said forming an agritech company allows LIC to pursue opportunities for growth, with the potential to attract external investment and generate returns for investors.
“External funding will not flow into our core genetics business, but the separation creates an opportunity to attract external investors and potentially commercial partners to the agritech business, with shareholder approval.”
LIC has also listened to shareholders and dropped its goal to be a $1 billion revenue co-op.
“We are yet to develop a new goal or statement of purpose, and will work with the shareholder council on this,” Murray told shareholders.
A motion to increase the allowance of LIC directors was passed with a narrow margin at the annual meeting. LIC told the stock exchange that 405 shareholders cast 361,566 votes in favour, while 459 shareholders cast 292,982 against. – Sudesh Kissun
Fonterra shareholders are concerned with a further decline in the co-op’s share of milk collected in New Zealand.
A governance group has been formed, following extensive sector consultation, to implement the recommendations from the Industry Working Group's (IWG) final report and is said to be forming a 'road map' for improving New Zealand's animal genetic gain system.
Free workshops focused on managing risk in sharefarming got underway last week.
Annual farmer gathering, the South Island Dairy Event (SIDE), is set to make history as it heads to Timaru for the first time.
Installing 400 solar panels at their Taranaki piggery and cropping operation will have significant environmental, financial and animal welfare benefits for the Stanley family.
WoolWorks, New Zealand’s largest wool-scouring company, has partnered with the Lions Club of Riverton to help raise money for much-needed repairs to the Southland town’s swimming pool.
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