MIAG resolutions soundly defeated

05/09/2008

Alliance Group shareholders have voted overwhelmingly against the Meat Industry Action Group’s resolution to force directors to work towards a merger with Silver Fern Farms.

Company secretary Michael Horn said the vote at today’s special general meeting was 27 million against the resolutions and 2 million in favour, in round numbers.

Mr Horn said there were about 350 people at the meeting and the company had also received a large number of proxies.

“It’s the biggest vote I’ve seen since I’ve been with the company and that’s about 30 years,” he said.

Alliance chair Owen Poole said he was pleased the result was comprehensive and that the shareholders’ decision put the issue of a merge to rest.

Earlier this week Mark Crawford and Jason Miller who were founding members of MIAG and are now directors of Alliance spoke out against the resolutions.

MIAG gathered votes and proxies from 5% of shareholders to force both Alliance and SFF to hold SGMs but the views of SFF shareholders on this issue are now irrelevant.

SFF shareholders are in the process of voting on the proposal for PGG Wrightson to take a 50% stake in their company. The company has around 21,000 shareholders abut only about a fifth of them have rebate shares which enable them to vote and most of these are in the South Island.

The proposal requires 75% support if it is to succeed and voting finishes on Monday.


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