Tip Top sale half of debt target – Hugh Stringleman:
The sale of Tip Top to a joint-venture northern hemisphere company, Froneri, for $380 million has achieved almost half of Fonterra’s debt reduction target.
When its Beingmate shareholding is divested and a half share of DFE Pharma is sold, Fonterra should reach its $800m reduction target by July 31.
The Beingmate stake has a market value of about $280m and the DFE share about $200m, based on annual sales figures.
Chief executive Miles Hurrell has therefore made a good start on promised financial reforms of substantial debt reduction, cuts in capital and operational expenditure and 7%-plus return on capital invested by farmer-shareholders and unit holders. . .
Gisborne’s Jo Waugh has won the zig zag hunt at the South Island sheep dog trial championships, the first time a woman has won the event in more than 100 years.
And not only did the 30-year-old and her huntaway dog, Guy, get on the podium, but two other women also joined her in the top seven, clocking up another achievement in the usually male-dominated event.
The South Island Sheep Dog trials were held in Hanmer Springs this week but farmers and shepherds have been competing since the sport first landed in New Zealand in the 1800s. . .
MIE man changed priorities fast – Neal Wallace:
Richard Young was elected to the Silver Fern Farms board on a platform of industry restructuring and agitating for a merger with Alliance. Six years later the Otago farmer is the co-operative’s boss. He talks to Neal Wallace.
Richard Young vividly remembers the induction for new directors the evening before his first meeting as an elected member of the Silver Fern Farms board.
It was 2013 and the newly elected directors were taken through the co-operative’s accounts ahead of the annual meeting the next day.
It was not pretty. . .
Tiny farm run on ethical principles– Sally Brooker:
An Alma family is proud to have set up the district’s smallest dairy farm.
Bethan and Bryan Moore have a herd of just 13 Ayrshire cows with calves on 6ha alongside State Highway 1. They will soon be selling milk in glass bottles.
The Moores bought the land about 18 months ago, after four years of sharemilking in Tasmania. Mrs Moore grew up near Cardiff, Wales and met Mr Moore, a farmer from the North Island, on her travels to New Zealand. . .
Seeka cuts earnings forecast on smaller crop – Gavin Evans:
(BusinessDesk) – Kiwifruit grower and marketer Seeka has cut its full-year earnings guidance by $4 million due to reduced harvests in both New Zealand and Australia.
Group earnings before interest, tax, depreciation and amortisation are likely to range from $32.5 million to $33.5 million in the 2019 calendar year, down from the $36.5-$37.5 million range the Te Puke-based company signalled a month ago.
Seeka, the biggest kiwifruit producer in New Zealand and Australia, said unseasonably hot, dry weather in both countries has reduced fruit size and crop volumes. . .
Meeting of Otago Drought Group – Sally Rae:
The work of the Otago Drought Group is a great example of farmers and their organisations collaborating to manage climate challenges locally, Agriculture and Rural Communities Minister Damien O’Connor says.
The group met again this week to update its discussions on the dry conditions in the Clutha district, how farmers were faring and what actions might be needed.
The group, which included Otago Regional Council chairman Stephen Woodhead, representatives from Beef + Lamb New Zealand, DairyNZ, Federated Farmers, the Otago Rural Support Trust and the Ministry for Primary Industries, convened early in any adverse weather event. . .
One of the Waitaki district’s most recognisable restaurants is on the market.
The Flying Pig Cafe, with its distinctive porcine pink exterior, has long been a landmark in Duntroon.
It has been closed since illness befell its owners in early 2017, and is now for sale.
An Auckland couple bought the cafe in 2007 after discovering it during a holiday driving around the South Island. Business began to soar after the Alps 2 Ocean cycle trail opened in 2014. . .
“Incredibly clever” technology that elevates cool rooms into a state-of-the-art controlled atmosphere chambers is helping Hawke’s Bay’s growers make the very best of their crops.
It is not just about chilling fruit, it is about controlling the air conditions inside the cooler to hold it in the best possible state until market conditions are optimal; which could be any time over the 12 months after the crop has been picked.
Next week, growers have the opportunity to learn more about that technology from the Europeans who make it. . .