Sharechat Logo

Livestock Improvement gains on end of share cap

Tuesday 1st July 2008

Text too small?
Shares of Livestock Improvement Corp, which develops systems to track and improve farm animal genetics, jumped to a record after the company ended a restriction on buying its investment stock.

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.

By Jonathan Underhill

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Livestock Improvement nabs MPI director-general McNee as new chief
LIC lifts 1H net profit 12.3%
Livestock Improvement profit down 43%