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Allied Farmers Limited (NZX: ALF) 2020 Annual Meeting Chair Speech and Dividend Announcement

Tuesday 24th November 2020

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My name is Richard Perry and I’m the Chair of Allied Farmers. I welcome you all to our Annual General Meeting today on the behalf of the Board and the Management team. The financial statements and the reports of the directors and auditors for the year ending 30 June 2020 are set out in the company’s 2020 Annual Report. The year’s highlights included:

 

• Continuing to service our clients during the Covid-19 lockdown to deploy NZ’s first ever hybrid auction system that allowed sale yards to re-open safely in a limited capacity and famers to participate in live auctions online and remotely.

 

• Improving our approaches to health and safety, risk management and staff wellbeing through a number of initiatives including the extension of some staff benefits such as health insurance for staff.

 

• The further strengthening of our Board with the appointment of Ross Verry to chair our Finance business and lead the development of that opportunity.

 

• Appointment of KPMG as the new auditors including the refinement and improvement of our financial statements to “cut the clutter” and improve transparency and communication of our financial performance and position to stakeholders.

 

• The clarity obtained in challenging and resolving an issue with IRD in respect of using the accumulated tax losses of the company.

 

• Evaluating several strategic opportunities to deliver new solutions to our customers either via partnering or investment with the most visible being the NZRLM opportunity.

 

We seek shareholder approval to issue up to $5 million in shares at 50 cents per share by way of placement. This level of capital, coupled with new capital from the rights issue, will give us the funds we require to accelerate our diversification strategy.

 

I’m delighted to announce a dividend to holders of our existing shares of 1.2 cents per share (fully imputed). This dividend will not be available to any participants in the placements (including the vendors of the Management Company) or participants in our rights issue. To achieve this in the current financial year is a pleasing accomplishment, but you will note that it is lower this year to reflect the lower profit. As has been the case for the last few years, the dividend will be paid in January 2021.

 

See the link below for more details:

 

Chair Speech 2020 Annual Meeting

 

Presentation Slides 2020 Annual Meeting

 

Distribution Notice

 

Source: Allied Farmers Limited



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