No joint venture U-turn, SFF says

Silver Fern Farms says there has been no U-turn over shareholder approval for the Shanghai Maling joint venture.

The company was responding to what it described as ‘‘grossly misleading'' statements from New Zealand First leader Winston Peters.

A group of shareholders has requested a special meeting to consider the resolution approving the proposed partnership with the Chinese company.

Mr Peters said Silver Fern Farms had ‘‘spectacularly backed down after a shareholder revolt'' and its ‘‘sudden U-turn'' meant last year's ordinary resolution had been set aside, vindicating New Zealand First's unease about the deal.

He wanted the Overseas Investment Office to suspend its deliberations on the deal until the special meeting was held.

A statement from Silver Fern Farms said the company was not re-seeking shareholder approval for the investment by Shanghai, as that was provided by 82.22% of the votes cast at a special meeting in October last year.

The resolution had not been set aside. The company was calling a shareholders meeting because it received a requisition requiring it to do so under the Companies Act at the request of shareholders holding not less than 5% of the company's voting shares.

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