Buttery prize
OPINION: Westland Milk may have won the contract to supply butter to Costco NZ but Open Country Dairy is having the last laugh when it comes to cashing in on NZ grass-fed butter.
Westland chair Pete Morrison has reiterated the terms under which protesting former suppliers had surrendered their shares that they say are worth millions.
A group of former suppliers of Westland Milk Products has formally asked the Overseas Investment Office to block or delay the sale to Yili until they are paid millions of dollars owed to them for previously surrendering their shares. Read more here.
He said in a statement, “It is important to note that the individuals concerned knew of the conditions and terms of payment of their unsecured debt when they surrendered their shares.
“If the scheme is approved and the shares in Westland are transferred, Westland remains fully liable for these liabilities (as for all other liabilities) and the timing for payment and all other terms of payment for these individuals’ liabilities remain the same as before.”
The farmers making the approach to the OIO are all in Canterbury.
The group’s spokesman, Pete Williams, said that “true blue” Westland suppliers on the Coast didn’t have the same option of swapping supply.
“I suspect many of them would have, actually.”
“We’ve followed Westland pretty closely for the last few years. You know there was a lot of commercial risk for us to supply Westland. We took a lot of interest in the preceding three years before we made our decision to leave.”
Speaking before the shareholders’ vote on whether to accept the Yili offer, Williams predicted the deal would go through. Times were tough, with a lot of financial pressure, pressure from their banks and a milk price that meant they were probably losing money.
A function at Parliament on 7th October brought together central government decision-makers, MPs, industry stakeholders and commercial partners to highlight the need for strategic investment in the future of Fieldays and its home, the Mystery Creek Events Centre campus.
The Government's revised 2050 biogenic methane target range of 14-24% by 2050 is being welcomed by dairy farmers.
An increasing number of students are doing agricultural and horticultural degrees at Massey University by distance learning.
ANZ New Zealand is encouraging farmers and businesses impacted by the recent extreme weather that hit Southland and South Otago last week to seek support if they need it.
When Professor Pierre Venter takes up his new role as vice chancellor at Massey University next February it will just be a matter of taking a few steps across the road to get to his new office at the Palmerston North Campus.
Two rural data organisations - DairyNZ’s DairyBase and Farm Focus - have formed a new partnership that aims to remove data duplication and help provide more timely, useful benchmarking insights for farmers.
OPINION: Has the horse or horses bolted in parliament?
OPINION: A short-term sugar hit. That's what NZ First leader Winston Peters is calling the proposed sale of Fonterra's consumer…