Following completion of Shanghai Maling’s investment in Silver Fern Farms Limited and the distribution to the cooperative of $57 million from that process, the Silver Fern Farms Co-operative board has resolved to progress the redemption of the 5,371,732 supplier investment shares issued by the cooperative.
The Board’s intention to effect this redemption was referred to in the materials provided to shareholders calling the Special Meetings held on 16 October 2015 and 12 August 2016.
Following the redemption of the Supplier Investment Shares Silver Fern Farms Co-operative will have two share classes remaining, with holders of ordinary and rebate shares retaining their current shares. Ordinary shares are tradeable on the Unlisted exchange.
Notices have been sent today to shareholders holding supplier investment shares advising that those shares will be surrendered to the Co-operative and then redeemed and cancelled with effect on Friday 13 January 2017.
Shareholders can check their holding details currently held by the Company’s share registry, Link Market Services Limited at https://investorcentre.linkmarketservices.co.nz, though they do not need to take any action in order to surrender their Supplier Investment Shares to receive the redemption payment. The Co-operative will pay $1 for each Supplier Investment Share cancelled. Payment is expected to be made on Friday 13 January 2017.