![]() ![]() ![]() This is because voting shares are capped to ten votes per entity. However, the direct effect of how the big entities vote will not be great. In contrast, Southern Pastures has said they will abstain. PAMU stated some weeks back that they had made no decision as to how they would vote. The two largest shareholders are PAMU (Landcorp) and Southern Pastures. It requires 75% support from votes that are cast, and 50% support from all eligible votes. Nevertheless, the sale is far from guaranteed. Most of them did not see in advance the extent of the mess their co-operative had got into. It seems likely that Westland farmers will approve the sale to Yili, but with great sadness and also bitterness at what they are giving up. Yili could step away if approval is not forthcoming by 31 October. It is in no-one’s interest that it be drawn out, but OIO approvals can be remarkably slow. The ramifications of that would be severe.Īlso important is whether or not the approval from Government is quick or drawn out. I will be surprised if they disallow the sale under the relevant OIO provisions. If farmers vote to take the money, it will then be up to the Government to agree or refuse to accept Yili as the new owner. Do they want to take the money and go with Chinese mega-company Yili, or do they wish to struggle on as a co-operative? We will know the answer after the July 4 vote. The time has come when Westland’s dairy farmers must make their decision. ![]()
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