Westpac NZ Becomes First Bank to Accept Zespri Shares as Lending Security
Westpac NZ has become the first New Zealand bank to receive approval from the Reserve Bank of New Zealand (RBNZ) to secure and leverage kiwifruit growers' Zespri shares.
Read: Ghost group opposes Zespri vote.
Zespri chief grower and alliance officer David Courtney says contrary to the group’s claims, the Government has never refused to authorise Zespri carrying out 12-month supply activities or ownership of plant variety rights (PVRs), he says.
Over the past 20 years these activities have added huge value to our industry, says Courtney.
“This is reflected in the considerable increase in average returns, orchard values and Zespri’s profitability and returns to growers over successive seasons,” he says.
“We believe securing grower support for these activities through the producer vote will enable us to continue to invest with confidence in our 12-month supply strategy and plant variety rights, and deliver positive orchard gate returns for New Zealand growers.
“To walk away from these activities is to walk away from our shelf space and our consumers.
“Voting against our 12-month supply activities and PVR ownership would mean the industry would be turning its back on the same 20-year strategy that has served it so well and ultimately have a negative impact on New Zealand grower returns.”
