Dairy Meats NZ looks set to halve its stake in New Zealand meat processor Affco.


Affco was due to launch a one-for-one rights issue on 2 September, but Dairy Meats’ announcement that it will not be taking up its entitlement will delay the issue. Its stake will be diluted to between 4.7% and 5.2%, depending on how many small shareholders take up their entitlement.


Other major shareholders in Affco, Talley’s Fisheries and Peter Spencer’s Toocooya Nominees, are reported by the Dominion Post to have agreed to acquire 75% and 25% respectively of Dairy Meat’s entitlement to the new rights for NZ$0.03 (US$0.014) per right.


A special meeting had been scheduled for Friday for shareholders.

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