NZ meat co-op cleared on sale of stake
Print Edition
NEW Zealand’s market watchdog yesterday cleared the country’s biggest meat cooperative of complaints surrounding a decision last year to sell a half stake to China’s biggest meat processor.
However, New Zealand lawmakers who last month lodged the complaints about Silver Fern Farms described the investigation by the Financial Markets Authority as “less than competent.”
The complaints said documents led SFF shareholders to believe only weeks before its financial year-end balance date that the 50 percent sell down to Shanghai Maling Aquarius Co was necessary to prevent receivership or liquidation.
However, 25 days after voting, shareholders learned that net profit after tax was 85.8 percent higher than in the document, while the debt range in the document was seriously overstated.
The FMA yesterday issued a statement saying it considered the documents were not misleading or deceptive, but it recommended that SFF and companies with high seasonal debt consider how to provide useful and meaningful information on annual and peak debt in their yearly reports.
“If SFF had provided shareholders with such information on a more consistent basis, this would have helped shareholders to better understand their financial position,” Colin Magee, FMA’s head of conduct, said in the statement.
The SFF board welcomed the decision, claiming its recommendation to shareholders on the sale to Shanghai Maling had been vindicated.
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