LIC extends New Zealand Dairy Industry Awards sponsorship
LIC has reaffirmed its sponsorship of the New Zealand Dairy Industry Awards (NZDIA) by signing up as a national sponsor for another three years.
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
An independent report, prepared for Alliance farmer shareholders is backing the proposed $250 million joint venture investment by Irish company Dawn Meats Group.
Whangarei field service technician, Bryce Dickson has cemented his place in John Deere’s history, becoming the first ever person to win an award for the third time at the annual Australian and New Zealand Technician of the Year Awards, announced at a gala dinner in Brisbane last night.
NZPork has appointed Auckland-based Paul Bucknell as its new chair.
The Government claims to have delivered on its election promise to protect productive farmland from emissions trading scheme (ETS) but red meat farmers aren’t happy.
Foot and Mouth Disease outbreaks could have a detrimental impact on any country's rural sector, as seen in the United Kingdom's 2000 outbreak that saw the compulsory slaughter of over six million animals.
The Ministry for the Environment is joining as a national award sponsor in the Ballance Farm Environment Awards (BFEA from next year).
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