Silver Fern confident

September 30 has been agreed in principle by Silver Fern Farms and Shanghai Maling as the revised date to meet Overseas Investment Office approval for their joint venture.

SFF has been awaiting an announcement from the OIO since farmer shareholders voted in favour of the deal last October.

More time was needed to answer the further information requests from the OIO and then to provide sufficient time for the OIO and then Government ministers to consider the application.

SFF continued to believe the investment would be approved "given its substantial merits'', chief executive Dean Hamilton said in a statement.

"The agreement to the new date reflects positively on the ongoing commitment of both parties to the transaction,'' he said.

A completion date of January 4 had been agreed which would align with what would become the new balance date for Silver Fern Farms and the new financial year of Shanghai Maling.

While the need to extend the OIO condition date was disappointing, it was required to ensure there was sufficient time to respond to the information requests, Mr Hamilton said.

SFF will hold the shareholder-requisitioned meeting in Dunedin on August 12.

Requisitioners John Shrimpton and Blair Gallagher were seeking to stop the transition, and were urging shareholders to vote against the special resolution which asked them to approve the proposed partnership.

Add a Comment

 

Advertisement

postanote_header_620_x_80.png

postanote_620_x_25.jpg