After months of uncertainty, Pukeuri meat plant workers have been reassured the Alliance Group-owned processing plant will stay open, after farmer-shareholders voted in favour of a proposed $270 million joint-venture investment by Dawn Meats.
A total of 2675 shareholders voted — representing 92,495,558 shares or more than 88% of all shares on issue — and more than 87% voted in favour of the proposal to allow Irish-based company Dawn Meats to acquire a 65% shareholding in Alliance Group.
"The investment by Dawn Meats will strengthen Alliance’s balance sheet and enable ongoing investment across our plant network, including Pukeuri," Alliance Group safety and processing general manager Wayne Shaw said.
"Our Pukeuri plant continues to perform well, and with a successful recapitalisation of Alliance, we look forward to growing our business further.
"Alliance will continue to focus on optimising our processing network and improving efficiency, in line with our strategic goal of ensuring livestock farming remains a commercially viable land-use option for our farmers. That approach will not change," he said.
"We understand the importance of Pukeuri to our farmer-shareholders, employees at the plant and the region. We have no plans to close any of our plants."
Alliance Group chairman Mark Wynne said the result demonstrated strong farmer confidence in the company’s future direction.
"Our farmer-shareholders have given a clear mandate for Alliance to move forward in partnership with Dawn Meats. This is a vote of trust in our people, our operations and our vision," Mr Wynne said.
"We’re really excited about the potential for this partnership and what the future holds for Alliance and Dawn.
"This essential investment will strengthen our financial position, enhance our operational capability and enable us to capture more value in market for our farmers and the country.
"Importantly, the agreement also preserves farmer ownership, with a continuing 35% shareholding and strong governance rights."
