Shareholders of Alliance Group and Silver Ferns Farms have forced meetings to discuss merger options. Photo / Bryan Kirk
Disgruntled Alliance Group shareholders have gathered sufficient support to force a special meeting to discuss the potential benefits and risks of a merger with fellow co-operative Silver Fern Farms.
Balfour farmer Jeff Grant, who with rural accountant and farmer Gaye Cowie has been gathering the required 5 per cent of
proxy forms needed to force the special meeting, said they had sent 7 per cent to the company for verification.
The move matches a similar one by Silver Fern Farms shareholders to force a special meeting within their own meat co-operative.
Grant said their campaign started slowly but gathered momentum last week with proxies coming in from farmers they hadn't even contacted.
He said he has spoken to Alliance chairman Murray Taggart who understood shareholders have the right to seek the special meeting where they can vote on a resolution for the board to provide shareholders with a full analysis of the potential benefits and risks of Alliance Group and Silver Fern Farms merging into one co-operative entity, along with a comprehensive risk mitigation plan verified by an independent firm.
