Our Grower-owned cooperative structure means we can be truly single minded about what we’re here to achieve…The success of Grower Shareholders.
If it’s important to growers, it’s important to us.
Growers who pack their kiwifruit with EastPack are required to become shareholders in the company and hold Ordinary Shares.
The Ordinary Share has no nominal value, so the value will be what a willing seller and willing buyer would exchange at. As with any market, the value of the share can be less than $1 or greater than $1. At 31 December 2020 the Net Tangible Assets (NTA) per fully paid share was $1.48. Shares can be traded on ShareMart, an unlisted trading platform. Details of how to buy and sell shares can be found here or by dialling 0800 50 50 06.
Shareholders may earn a dividend on the shares that are held and fully paid.
There are a number of rules around shareholding which are detailed in the company's Product Disclosure Statement, which can be found here.
A copy of the Constitution, which was updated 11 May 2021, can be found here.
A share standard has been set as one Ordinary Share for every tray of Class 1 kiwifruit supplied to EastPack by the Grower. The Board's current policy is to determine the number of trays packed by a shareholder by averaging the three highest annual volumes from the previous four years' production.
Growers are required to hold a minimum shareholding of 10% of their production that is packed with EastPack, or 2,000 shares if their production is less than 20,000 trays.
For new Growers joining EastPack, an application form will need to be completed to become a shareholder. Once accepted as a shareholder, new shareholders can acquire shares by purchasing shares on sharemart or by Private Trade. In December each year the company will issue shares to those Growers that do not hold the minimum shareholding based on their production. One third of the shares will be issued fully paid and payment will be required on issue. The balance of the shares will be issued as unpaid shares, one third payable in the following year and the final third a year later. The Board will set the issue price for the shares based on an independent valuation at the time of issue.
Shareholders may earn a dividend on the shares that are held and fully paid. Unpaid shares will not receive a dividend. If unpaid shares are paid up prior to the dividend record date, they will be entitled to payment of the dividend on those shares.
Shareholders can choose to reinvest dividends received on some or all of their existing Shares into additional shares. The company's Dividend Reinvestment Plan can be found here. Shareholders wishing to participate in the plan need to complete an application form which can be found here.
Shareholders voting rights at shareholder meetings is the lesser of their shareholding and their production.
Shareholders who cease to provide EastPack with fruit to pack will become Dry shareholders. Dry Shareholders are required to sell their shares in EastPack within 3 years from the end of the last season that they packed fruit with EastPack. They will need to sell their shares through ShareMart or by private agreement, and will continue to receive dividends on the shares until the shares are sold within the 3 year period.
The company has a limit of six Ordinary Shares per tray of production. Shareholders who have shares in excess of the share limit have 5 years from June 2020 to bring their shareholding below the limit. This may be by either selling a portion of shares or by increasing production.
If you have any questions, please call Merv Dallas on 07 573 0912 or email [email protected]