Plummeting sales forces C-Dax to cease trading
Farmer-owned co-operative Ravensdown is winding down the operations of its agritech subsidiary C-Dax following a long decline in sales.
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.
Federated Farmers supports a review of the current genetic technology legislation but insists that a farmer’s right to either choose or reject it must be protected.
New Zealand’s top business leaders are urging the US Administration to review “unjustified and discriminatory tariffs” imposed on Kiwi exporters.
New tariffs imposed by President Donald Trump signal an uncertain future, but New Zealand farmers know how to adapt to changing conditions, says Auriga Martin, chief executive of Farm Focus.
A global trade war beckons, which is bad news for a small open economy like New Zealand, warns Mark Smith ASB senior economist.
Carterton's Awakare Farm has long stood as a place where family, tradition and innovation intersect.
Fonterra says the US continues to be an important market for New Zealand dairy and the co-op.
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