Vote of confidence

Vote-of-confidence

New shareholders give a strong vote of confidence for Ballance

December 2, 2013

Vote of confidence

Following a record rebate and dividend of $65 per tonne, Ballance Agri-Nutrients has been given a strong vote of confidence by farmers with a significant increase in shareholder applications compared with the same time last year.

New Chairman of Ballance, David Peacocke, says the co-operative is in strong shape and it’s pleasing to see that farmers have recognised Ballance’s consistently stable financial performance and rebates and its breadth of agri-nutrient products.

“Most of the country has been experiencing ideal pasture growth conditions this season, and with good cash flow across the various farming sectors there has been an appetite for both fertiliser and feed to further boost productivity.  For Ballance shareholders, a great spring has been capped off with an extra cash injection from a healthy rebate and the knowledge their co-operative is doing the best for them.  This is clearly indicative in the number of new shareholders we have signing up.

“Our growing shareholder base is not only a huge vote of confidence for Ballance, but it also underlines the strength of the agriculture sector in New Zealand and the benefits of belonging to a co-operative,” said Mr Peacocke.

“We’re here for shareholders, aiming to ensure they have a secure supply of high quality product at the most competitive prices - and the bonus is the rebates paid on fertiliser purchases.”

Chief Executive Larry Bilodeau said Ballance Agri-Nutrient’s strong balance sheet and performance this year can be put down to a disciplined approach to costs right across the supply chain during a year in which prices were held steady.

“We were able to lead market prices whilst achieving reasonable margins by maintaining stability in raw material pricing last year. We also kept overall costs under tight control, supported by operating efficiencies,” said Mr Bilodeau.

To become a shareholder a farmer must buy a minimum of 30 shares and purchase additional shares according to the tonnes of fertiliser they expect to buy in a year in order to become a fully paid-up shareholder. 

Shareholders typically receive a rebate on all purchases during each financial year, which is calculated on both the volume of fertiliser purchased and the value of that product. This year Ballance distributed a total of $65 million to the co-operative’s 18,300 shareholders.

2 December 2013

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