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.

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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.

2018 AGM to be held in September

The board has set the date of the next AGM to be 2pm on Sunday 9 September. It will be held in the Habgood Lounge of Lincoln Event Centre, 15 Meijer Drive, Lincoln, Canterbury. We look forward to seeing shareholders at this important meeting.
The composition of the board has been the same since its members were first elected in November 2014. It has been a great opportunity for all of us to contribute to setting up our co-operative company and shaping its early years. However, new ideas and skills would be valuable and we encourage shareholders to consider standing for the board in this year’s elections.

The duties of directors under the Companies Act are summarised at https://www.companiesoffice.govt.nz/companies/learn-about/compliance-
requirements/directors-key-responsibilities

Currently directors of Walnuts NZ Co-operative receive no remuneration. Please talk to any of the directors listed below if you would like to find out more about what is involved.

AGM 2017

Shareholders of Walnuts NZ Co-operative Ltd are invited to attend our AGM:
Date: Sunday 17th September 2017
Time: 3pm
Venue: Baylis Lounge, Lincoln Event Centre, 15 Meijer Drive, Lincoln 7608, Canterbury
https://www.selwyn.govt.nz/facilities-and-parks/lincoln-event-centre
Programme: Tea/coffee will be available at 3pm as people gather, with the AGM starting at 3:30pm. The AGM will be followed by a walnut factory report from our General Manager. There will be tea/coffee and nibbles afterwards so that shareholders can mix and chat informally.

Changes for 2018 harvest

The Board of Directors of Walnuts NZ Co-op has decided that the co-operative will no longer be involved in the arrangement of drying services for growers. The board wants to see our staff time and resources focused on those tasks that growers cannot easily do themselves, namely processing and marketing. In contrast, drying of walnuts is a job that can practically be done on-farm. By focusing our efforts like this, we aim to maximise the value for growers’ crops.

This decision means that you will need to either:

  • make your own arrangements with a drying service – either as an individual or working as a collective with a group of growers who are using that service; or
  • build your own drying equipment – again, either on your own orchard as an individual grower, or working with nearby growers to set up a shared facility.

The co-op, along with the NZ Walnut Industry Group, aims to help you get set up with your drying arrangements for 2018.