Shareholders in New Zealand’s biggest meat cooperative will hold a second vote on July 11 on whether to go ahead with a tie-up with China’s biggest meat processor, although the cooperative’s board has vowed to ignore the result and press ahead with the deal. Silver Fern Farms announced the date for the special meeting Friday, when shareholders would again vote on the 50-percent sell down to Shanghai Maling Aquarius Co. Ltd. (Shanghai Maling). The meeting was requisitioned by 80 Silver Fern Farms shareholders who have claimed the documents issued by the board misled them into voting for the sale at a meeting in October last year…Full Article: ECNS.cn May 2016
- In May 2016, New Zealand’s Financial Markets Authority (FMA) cleared Silver Farms’ board of any wrongdoing regarding financial disclosures to its shareholders.
- In October 2015, Silver Farm shareholders voted 82.22% in favor of selling a 50% stake to Shanghai Maling Aquarius.
- In September 2015, Silver Farm shareholders were told that the company had a $140 million to $160 million forecasted debt for the financial year (ended September 30th). In November 2015, this debt was actually only $121 million while profits and revenues rose versus previous estimates.
- In September 2015, Shanghai Maling Aquarius (SHA:600073), a subsidiary of Bright Food Group, announced it would acquire a 50% stake in New Zealand’s Silver Fern Farms (beef and lamb producer). New Zealand’s Silver Fern Farms reportedly controls 27% of the country’s beef and lamb exports. Within New Zealand, the farm cooperative is the market leader in terms of beef and venison product, and second in regards to lamb. Silver Fern Farms’ primary competitor is Fonterra.
- Founded in 1997 and headquartered in Shanghai, Shanghai Maling Aquarius is a meat producer and processor. Its product line includes processed meat, canned meat, spices, and canned fish. The company is a subsidiary of Bright Food Group and is listed on the Shanghai Stock Exchange (SHA: 600073).
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