Dawn Meats will acquire a 65 percent shareholding in Alliance Group, with farmer-shareholders retaining a 35 percent stake.
A total of 2675 shareholders voted, representing 92,495,558 shares or more than 88 percent of all shares on issue. Of these, more than 87 percent voted in favour of the proposal, meeting the threshold required under the Takeovers Code.
Alliance Group chair Mark Wynne said the result demonstrated strong farmer confidence in the company’s future direction.
“Our farmer-shareholders have given a clear mandate for Alliance to move forward in partnership with Dawn Meats. This is a vote of trust in our people, our operations and our vision.
“We’re really excited about the potential for this partnership and what the future holds for Alliance and Dawn.
“This essential investment will strengthen our financial position, enhance our operational capability and enable us to capture more value in market for our farmers and the country.
“Importantly, the agreement also preserves farmer ownership, with a continuing 35 percent shareholding and strong governance rights.”
Mr Wynne said the positive outcome followed a comprehensive two-year process to reset and re-capitalise the business.
