Cattle co-operative revamp

The country's main cattle genetics company, the farmer-owned Livestock Improvement co-operative, wants to re-configure its capital into a two-tier share structure.

The board and shareholder representatives will hold meetings this month and next month to explain the proposal, under which farmers would get voting co-operative control shares, similar to their existing shares, and a new class of non-voting investment shares.

The proposal needs 75 per cent support of voting shareholders and the endorsement of the Agriculture Minister.

Farmer shareholders had complained that the nominal-value structure set up when the co-operative was created did not reflect its value or provide for growth.

- NZPA