Green light for Tasman Ag to sell farms

WELLINGTON - Tasman Agriculture shareholders will allow the company to sell its New Zealand dairy farms and reinvent itself as a rural development and management firm.

The company plans to progressively sell its 65 farms to finance the restructuring, reduce debt and return value to investors.

Chief executive Brad Parker said there was no timetable to quit the properties.

A finance company would also be set up to help sell the farms, and the board had started talks with financial institutions to form a partnership.

Tasman Agriculture is also buying back up to 20 per cent of its issued shares for 120c each.

- NZPA