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.
Zespri acting chairman Paul Jones says preliminary assessments based on discussions with growers suggest that the frost is likely to have contributed to a 10-15% reduction in planned Green and SunGold variety kiwifruit crops for the 2023 season, and a 15-25% reduction in RubyRed kiwifruit. Jones says the figures have been calculated based on a weighted average by region and will be revised as Zespri gathers more information before the first official crop estimate for the 2023 season is released in early December.
Rural News understands that some of the frost occurred in places which are normally regarded as frost free – hence the greater impact of the event.
A number of orchards in the Bay of Plenty have already come out publicly stating the damage to their crops and their numbers line up with Zespri’s figures.
“This frost comes after what has been a challenging year for the industry and we extend our sympathy to all affected growers,” says Jones.
“Zespri is continuing to work closely with New Zealand Kiwifruit Growers Incorporated (NZKGI) to ensure pastoral care is available for all affected growers.”
A series of ‘frost field days’ are currently underway and details on these events are available on Canopy, an online portal for industry stakeholders: growers can find resources on how to best manage frost-damaged vines and remain vigilant to the threat of Psa.
Meanwhile Zespri has announced that it will release licences to grow more kiwifruit in the coming year. The Zespri board says it has approved the release of 350ha of SunGold kiwifruit and 150ha of RubyRed kiwifruit licence in 2023.
It says the decision to release 350ha of SunGold kiwifruit is at the bottom end of the previously advised range of licence release which was 350- 700ha. This newly licensed area is for supply in 2-4 years’ time.
The board says there will not be a release of Organic Sun- Gold kiwifruit licences as they are confident the existing plantings will satisfy target market demand.
