Solid third quarter result for Fonterra
Fonterra has announced an improved third quarter performance – with a profit after tax of $1.15 billion, up $119 million on the same period last year.
Listed carpet maker Bremworth has been rocked by a call from some shareholders for a board revamp.
A group of shareholders wrote to chair George Adams over the weekend calling for a special meeting to elect a new board.
Agri business leader Rob Hewett, who shareholders want to take over as the new chair, says they have consulted shareholders holding about 35% of shares.
“We haven’t taken this step lightly,” says Hewett.
“We have consulted with shareholders holding approximately 35% of the share register so far. “Each shareholder with whom we have consulted has supported our call for a meeting. This has given us the confidence and determination to proceed.”
Other new board members proposed in the letter to Adams are Trevor Burt, Julie Bohnenn and Murray Dyer. The proposed board will be advised by experienced carpet industry experts Warwick Norman and Craig Woolford.
According to the letter written to Adams, the request for the current board to step down “follows years of poor operational performance, erratic strategic direction and substandard execution” under the stewardship of Bremworth’s current board.
“With the final insurance payout of $42 million just received, and a newly announced strategic review (which follows a strategic review undertaken by the board in 2023), the requisition calls for an immediate board change.
“The new board will work with management to prioritise disciplined financial management, lead a comprehensive market and business review and evaluate other options to initially preserve, then increase shareholder value.
“Too many shareholders continue to be dissatisfied with the company’s financial and business performance. The most recent results reinforce the lack of confidence in the current board’s ability to deliver satisfactory outcomes. Financial performance continues to deteriorate.”
Hewett, the outgoing chair of Silver Fern Farms, also chairs Farmlands and was recently appointed chair of AgriZero.
Australian dairy farmers supplying Fonterra are getting an opening weighted average milk price of A$8.60/kgMS for the new season or around NZ$9.26/kgMS - NZ74c less than New Zealand suppliers, based on the current exchange rate.
Taranaki veterinarian Dr Rob Mills is the new president of New Zealand Veterinary Association (NZVA).
Input costs can make or break a season for farmers and electricity is one of the largest expenses.
Zespri says global sales for the 2024-25 season topped $5 billion on the back of strong demand and market returns.
Massey University is returning to the Fieldays with a future-focused, solution-driven theme, showcasing research that delivers practical advancements in agricultural efficiency, sustainability and longevity.
Newly appointed National Fieldays chief executive Richard Lindroos says his team is ready, excited and looking forward to delivering the four-day event next month.
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