Silver Fern shareholders endorse joint venture

Shen Wei Ping of Shanghai Maling. Silver Fern farm co-op members voted in favour of the joint venture. Photo / Nick Reed.

Silver Fern Farms said its shareholders had once again endorsed its 50/50 proposed joint venture with Shanghai Maling by a strong majority.

The Dunedin-based meat processor said 80.4 per cent of votes cast were in favour of the partnership, which will see $261 million injected into the company.

Support from shareholders came at a special meeting requisitioned by John Shrimpton and Blair Gallagher, and a group which included 31 other shareholders who supported a statement stating they wanted to stop the deal.

Today's result follows the first vote, carried out last October 2015 vote, where 82 per cent of votes cast supported the transaction.

"While the board has clearly stated its view that the outcome of this meeting could not bind the company given the valid and binding approval last October, it is pleasing to see shareholders reaffirm their support and maintain their confidence in this exciting opportunity to create a sustainable Silver Fern Farms," chairman Rob Hewett said in a statement.

"The board has strongly disagreed with the negative stance on the transaction taken by Messrs Shrimpton and Gallagher," he said.

Chief Executive Dean Hamilton said the process to complete the transaction had continued with all outstanding information now with the Overseas Investment Office (OIO) for its consideration.

Hamilton said he was confident that the deal would OIO approval before September 30, and for it to proceed to completion by January 4, 2017, as previously announced.