The Notice of Meeting, advising shareholders that Zespri Group Limited will hold a Special Meeting of Shareholders on Wednesday, 14 March 2018 was sent to shareholders on Tuesday, 20 February.
The Notice of Meeting sets out the shareholder resolutions, together with explanatory notes and a guide to the voting process. The voting process is relatively complex, with certain votes required under the Zespri Constitution and the Kiwifruit Export Regulations, and separate votes for shareholder interest groups under the Companies Act.
The recommendations include two key aspects:
- A share cap to improve alignment between production and shareholder, with a maximum shareholding of four shares for each tray of production. A requirement to sell would only apply to currently overshared producers after a transition period. Similarly, a voting cap would be introduced with one voting share for each tray of production.
- Dividend restrictions on shareholders who are no longer producing shareholders. A dividend would not be paid to a shareholder that is not a producer as at the record date for that dividend. This would also only apply after a transition period.
To download a copy of the Notice of Meeting and associated documents, please click on the links below: