Farmer group pushes back on Alliance's foreign investment plans
Photo:
Unsplash / RNZ composite
A group of South Island sheep and beef farmers are urging others to vote against a proposal for foreign investment in the red meat cooperative Alliance Group, which is the only 100 percent farmer-owned meat processor in the country.
A series of financial losses in recent years has seen the board aim to raise $200 million dollars in new capital from the private sector. Some media reports have suggested an Irish meat supply group, Dawn Meats, is a contender.
Alliance Group chair Mark Wynne says details are commercially sensitive but it's in the advanced stage of assessment, and Alliance is working towards confirming a preferred option to take to shareholders to vote on.
Dave Pinckney's family has farmed Glenaray station in the Waikaia valley, for 127 years and supplied AGL for 60 years.
Kathryn speaks to him about why he and a group of shareholders are urging other farmer suppliers to vote against any external capital which would change the ownership structure of Alliance.
Mark Wynne, chair of Alliance Group, said: "Because of the commercial sensitivities involved and the confidentiality agreements now in place, we are limited in how much we can share.
"We will be providing another update to our farmers later this month ahead of a series of road show meetings followed by a formal shareholder vote in the next few months."
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