Sunday, 18 October 2015 21:11

Deal more than just about cash - Hewett

Written by 

Silver Fern Farms chairman Rob Hewett says the 82% shareholder support for the Shanghai Maling joint venture was very pleasing.


He says the $261 million deal is more than just about the cash.


"We wanted to retain control of the co-op which we got, we got the right partner who is aligned with us strategically; we also wanted non-exclusive rights to sell products around the world.

"We got all of this; it's more than just about the cash."


Hewett told a media conference after the vote last Friday that the 67% turnout among the total eligible votes was higher than what the co-op attracts in director elections.


Asked if the 17% who voted against the deal could exit the co-op. Hewett he will wait and see.


However, SFF chief executive Dean Hamilton doesn't believe to many suppliers will switch to other processors.


"There are a number of shareholders who did not back the deal but is now getting behind the co-op; these suppliers want to continue to supply SFF and they believe in our strategy.


"At least two big shareholder suppliers said they would continue to supply, so that's good."


SFF board members and directors did 23 roashow meetings; Hewett says for him the outcome was never in doubt.


The deal must be approved by regulators in both countries. SFF is confident the OIO will give the deal the green light.

Featured

National

Machinery & Products

New Holland combines crack 50 years

New Holland is celebrating the 50th anniversary of the introduction its Twin Rotor threshing and separation technology, which has evolved…

Iconic TPW Woolpress turns 50!

The company behind the iconic TPW Woolpress, which fundamentally changed the way wool is baled in Australia and New Zealand,…

» Latest Print Issues Online

The Hound

Double standards

OPINION: Imagine if the Hound had called the Minister of Finance the 'c-word' and accused her of "girl math".

Debt monster

OPINION: It's good news that Finance Minister Nicola Willis has slashed $1.1 billion from new spending, citing "a seismic global…

» Connect with Rural News

» eNewsletter

Subscribe to our weekly newsletter