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LIC chairman Murray King.
LIC shareholders will meet this week to vote on a new share structure.
And chairman Murray King wrote to shareholders last week, making it clear the co-op has no ‘plan B’ in the event of voting not supporting a single share structure. The proposal must garner 75% support to pass.
King says feedback from some farmers was that a ‘no’ vote would result in a second vote on a revised deal.
“To avoidance any doubt, this [idea] is completely wrong,” says King. LIC directors and “expert advisers” have been working on this proposal for over two years, he says.
“We have considered the issues closely and it is clear this is the fairest, balanced and most transparent way of resolving them.
“We have no plan B. If there is a ‘no’ vote we will not go away and revise the deal with an eye to coming back for a second vote in the near future.
“Although clearly disappointed we would respect the decision of our shareholders and focus on making the best out of carrying on with the existing share structure.”
King says that two classes of shares with unequal rights are not suitable for a modern, progressive co-op.
LIC’s special meeting will be held in Hamilton on March 14.
LIC chief executive David Chin says meeting the revised methane reduction targets will rely on practical science, smart technology, and genuine collaboration across the sector.
Opening a new $3 million methane research barn in Waikato this month, Agriculture Minister Todd McClay called on the dairy sector to “go as fast as you can and prove the concepts”.
The Government has announced it has invested $8 million in lower methane dairy genetics research.
The first calves of a new crossbred dairy-beef offering are now on the ground at a Pamu (Landcorp) farm near Taupo.
Academic and former Fonterra director Nicola Shadbolt has been elected as LIC director.
Acclaimed fruit grower Dean Astill never imagined he would have achieved so much in the years since being named the first Young Horticulturist of the Year, 20 years ago.
The Ashburton-based Carrfields Group continues to show commitment to future growth and in the agricultural sector with its latest investment, the recently acquired 'Spring Farm' adjacent to State Highway 1, Winslow, just south of Ashburton.
New Zealand First leader and Foreign Affairs Minister Winston Peters has blasted Fonterra farmers shareholders for approving the sale of iconic brands to a French company.
A major feature of the Ashburton A&P Show, to be held on October 31 and November 1, will be the annual trans-Tasman Sheep Dog Trial test match, with the best heading dogs from both sides of the Tasman going head-to-head in two teams of four.
Fewer bobby calves are heading to the works this season, as more dairy farmers recognise the value of rearing calves for beef.
The key to a dairy system that generates high profit with a low emissions intensity is using low footprint feed, says Fonterra program manager on-farm excellence, Louise Cook.
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