The Meat Industry Action Group isn’t happy that Silver Fern Farms won’t be calling a special general meeting until October 7.
MIAG chair John Gregan said that date was too late.
“They (Silver Fern Farms) kept fobbing us off and it’s only now that we have a court order that they decide to set a date.” Mr Gregan said it was critical the meeting was held on or before September 8 when shareholders voted on the proposed partnership with PGG Wrightson because farmer ownership could be diluted to 50 percent.
However, Silver Fern Farms chairman Eion Garden said it was not possible to hold the meeting before or on that date.
“Our primary concern is the confusion that would arise around a vote on two quite separate issues.” Mr Garden also dismissed Mr Gregan’s concerns about farmer shareholding being diluted.
“He (Mr Gregan) doesn’t understand the constitution criteria in place,” he said.
“Any shareholder resolution has got to be passed by 50 percent of farmer shareholders.” Mr Garden said the Silver Fern Farms board would be in a better position to comment on the issues to be considered in light of the outcome of the PGG Wrightson partnership proposal.
He’s right. The outcome of the shareholders’ vote on whether to accept the PGW offer could effect how they view MIAG’s proposal so it should be determined before the SGM is held.
The Meat Industry Action Group’s 11 resolutions, which will be presented at the meeting, were focused on industry consolidation and forming a market-led national champion with 80 percent of the sheep meat industry.
The Alliance Group has agreed to hold its special general meeting on September 5.
However, chairman Owen Poole said at a meeting in Gore last week that he was prepared for a “Gunfight at the OK Corral”.
He described the resolutions as “unrealistic and highly prescriptive” and said they compromised the ability of board directors to act in the best interests of the company.
If Alliance shareholders vote agains this at their SGM it makes the outcome of the SFF meeting irrelevant anyway.
It will take more than two to do MIAG’s tango. Alliance directors have made it quite clear they’re not wanting to dance with the other co-operative and if shareholders agree with them the dance will be called off.