Replacement Product Disclosure Statement (share offer document)

December 2019: Walnuts NZ Co-operative has recently updated our share offer document (PDS).

This is the document that explains how our shares work, and sets out the current situation and future plans of Walnuts NZ Co-op and the potential risks the business could face. As this provides the context for your current shareholding and any future share issues to you (e.g. if your supply of walnuts to the factory increases), we want to make sure you have access to the updated version.

You can find the PDS, along with further information, at: https://disclose-register.companiesoffice.govt.nz/ In the ‘Search for an offer’ box, type ‘OFR10376’ or ‘Walnuts New Zealand’, then click on our offer name when it comes up in the search results.

New update for shareholders

We have again (July, 2019) updated our Product Disclosure Statement (PDS). This is information to inform investors in the company, and is required by the Financial Markets Authority.

Directions for shareholders to view the updated information:

Go to –   https://disclose-register.companiesoffice.govt.nz/

Click on the ‘Search Offers’ button and search on offer number
OFR10376 or issuer name Walnuts New Zealand.

Then click on the name of our Offer to go to the documents.

Updated PDS (information to inform investors)

We have updated our Product Disclosure Statement (PDS). This is information to inform investors in the company, and is required by the Financial Markets Authority.

Directions for shareholders to view the updated information:

Go to –   https://disclose-register.com paniesoffice.govt.nz/

Click on the ‘Search Offers’ button and search on offer number
OFR10376 or issuer name Walnuts New Zealand.

Then click on the name of our Offer to go to the documents.

Voting at the AGM

Voting is per-shareholder (shareholding company, partnership or individual), NOT per-person. For example, a shareholding partnership votes as an entity, rather than the two people comprising that shareholding partnership voting separately.

If there is division in opinion between shareholders on a matter raised at the AGM, a vote can be taken. In this case, votes (per-shareholder) would be counted for shareholders present either in person or by proxy.

Under our Constitution, shareholders are entitled to one vote for every 500 shares held in the Company (or part thereof). Voting is capped at 20%, i.e. a shareholder can only exercise voting rights up to 20% even if they own more than 20% of the shares. Note that in the case of Walnuts NZ Co-operative Ltd, our currently largest shareholder holds 18.9% of the shares, with the next two in size holding 13.9% and 9.3% respectively.

Examples of voting calculations are:

  • Shareholder owns 150 shares = 1 vote
  • Shareholder owns 500 shares = 1 vote
  • Shareholder owns 750 shares = 2 votes
  • Shareholder owns 5,300 shares = 11 votes
  • Shareholder owns 15,633 shares = 32 votes

If you cannot attend the AGM, please send your apologies to secretary@walnutsnz.co.nz or The Company Secretary, Walnuts NZ Co-op Ltd, 142 Tricketts Road, RD6 Christchurch 7676. Also in this case you are welcome to appoint a proxy to vote on your behalf.

 

Milestone approaching

Since the co-operative purchased the walnut processing and marketing business in 2015, we have been paying off the purchase loan to the previous owners. Our final loan payment will be on 1 June 2018. Reaching this milestone will mean the end of these monthly payments and that our assets are no longer tied up as security for the loan.