Wednesday, 21 January 2015 00:00

Chair backs status quo

Written by Rural News Group

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Silver Fern Farms’ chairman Rob Hewett has effectively backed himself and Herstall Ulrich in the director election requesting a vote for “no change” to the board.

The cooperative’s debt reduction and Plate-to-Pasture programmes are “winning strategies” and it is important they are not derailed, he told Rural News.

“We want to invest more in the revenue growth parts of our business, driving our consumer and hotel-restaurant offers into selected high-potential markets around the world.”

The $100m capital raise that Goldman Sachs is scoping for the cooperative would drive such investment, as well as debt reduction, and shareholders will be kept informed and given a clear investment value proposition when appropriate, he says.

“Increased equity is investment in growth and at the same time as paying down debt, turbo-charges the business.”

Hewett acknowledges industry restructure “remains to be dealt with” and says SFF is committed to “sensible rationalisation discussions” with any industry participant.

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