Tuesday 1st July 2008
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LIC, as the company is known, rose 7% to NZ$3.
The company controlled by dairy farmers voted to abolish its ratio of 30 investment shares for each so-called co-operative control share held. The changes came into effect today.
The investment shares had typically traded at a discount to the co-op shares because of the limits on ownership. The discount also hampered LIC's ability to raise additional capital from shareholders, the company said in a statement today.
Under the changes, LIC has adopted a voluntary investment scheme for the investment shares. Shareholders will be able to hold up to a maximum 5% on the investment shares on issue.
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