Alliance issues 9.5 million bonus shares to farmers

Chief executive of Alliance, David Surveyor. Photo / Supplied

Red-meat co-operative Alliance Group has issued 9.5 million bonus shares to farmer shareholders.

More than 3000 farmer shareholders have received the shares from the 100 per cent farmer-owned co-operative.

David Surveyor, chief executive of Alliance, said the bonus share issue rewards farmers by increasing their shareholding in the company.

"We are New Zealand's only 100 per cent farmer-owned major red meat co-operative and our farmers tell us they value their ownership. This bonus share issue is another example of Alliance acknowledging our farmers are at the heart of every decision we make.

"Alliance is committed to returning as much value as possible to our farmers and continuing to invest for their long- term benefit.

"In addition to the bonus share issue, we also paid out a total of $14.63 million in loyalty payments over the 2017/18 season."

The bonus share issue is based upon the supply of lambs, sheep, cattle, calves and deer during the 2017/18 season.

Alliance will be holding its annual meeting at The Hutton Theatre, Otago Museum, 419 Great King Street, Dunedin, on Tuesday December 18, beginning at 10:30am.