Affco beefs up capital funding

The company says that Motueka-based Talley's, which has interests in fisheries, vegetables and dairy, will increase its holding in the company to 11.3% under the capital restructuring.

Other major shareholders are Toocooya Nominees, Green & McCahill Investments and Dairy Meats NZ.

Affco also reports that it has finalised new seasonal funding facility with its syndicate of banks and is planning a pro rate cash issue next month as part of its capital restructuring.

Executive chairman, Sam Lewis, says the initiatives are key elements in the company's plan to strengthen its capital base and believes that Talley's increased holding can be seen as a significant vote of confidence in the company.

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