Latest / Best of Business / Jeff Grant: Spokesperson for Alliance shareholders discusses deal with Irish-backed Dawn Meats.

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Jeff Grant: Spokesperson for Alliance shareholders discusses deal with Irish-backed Dawn Meats. · Best of Business

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  Speaker 1: You're listening to a podcast from News Talks'd be follow
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  Speaker 2: Wasn't even close. In the end, Alliance shareholders said yes
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  Speaker 2: to the two hundred and seventy million dollar door needs
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  Speaker 2: but eighty seven percent support of the selling of the
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  Speaker 2: sixty five percent of the company. Jeff Grant, spokesperson for
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  Speaker 2: the Alliance shareholders, is with us.
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  Speaker 3: Jeff morning, Good morning, Mike.
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  Speaker 2: I can't argue with democracy, can you.
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  Speaker 3: No? And you know the board has to be congratulated
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  Speaker 3: for getting the deal over eighty seven percents quite a
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  Speaker 3: high barrier. But that's the last of the meat corporates
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  Speaker 3: in New Zealand.
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  Speaker 2: Yeah, I was going to ask about that. Is it
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  Speaker 2: emotional or is it just life?
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  Speaker 3: It's just life. But you know, the shareholders of the
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  Speaker 3: company have effectively watched the directors lose you know, around
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  Speaker 3: three hundred million dollars over seven years and value for them,
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  Speaker 3: and so their equity went from seventy to thirty eight percent.
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  Speaker 3: The company was forced into a position of him to
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  Speaker 3: find new equity.
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  Speaker 2: How much of this, for people who haven't followed the story,
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  Speaker 2: how much of this individual set of circumstances. Is an
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  Speaker 2: alliance story versus a processing of meat story for an industry.
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  Speaker 3: Oh fair, bit off, it's an alliance story. This is
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  Speaker 3: a this will be a business management school one oh
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  Speaker 3: one paper on how to destroy values without any doubt
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  Speaker 3: at all?
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  Speaker 2: Is it as bad as they made it? The management
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  Speaker 2: made it out to be. In other words, the banks
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  Speaker 2: aren't going to play ball. It's too much money. We've
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  Speaker 2: got no money, we can't afford it, so we need
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  Speaker 2: to sell. Is it that bad?
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  Speaker 3: Look? I don't believe the banks would have closed on
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  Speaker 3: the nineteenth of December. He was going to be a
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  Speaker 3: receiver of six days before Christmas, four and a half
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  Speaker 3: thousand star the start of the Pete Keel. So there
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  Speaker 3: was a bit of theater in it. I think that
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  Speaker 3: the group that our group was able to well. I
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  Speaker 3: had indicator that could raise the capitol. I just think
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  Speaker 3: the hour run was too short, too late.
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  Speaker 2: Do you like Dawn Meats? If you had to sell
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  Speaker 2: these good people.
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  Speaker 3: Mike, If you were to look around the world and say,
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  Speaker 3: what are the four or five companies that you want
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  Speaker 3: to be associated, Dorn Meat would definitely be one.
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  Speaker 2: And are they good people or are they going to
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  Speaker 2: strip the place.
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  Speaker 3: The lord only knows. The reality is that it will
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  Speaker 3: depend on the stock flow, so how much that I'll
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  Speaker 3: actually be able to get. This company was losing stock
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  Speaker 3: not just on the basis of market share, but also
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  Speaker 3: just because of the way they were operating the business,
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  Speaker 3: and so I think it'll be a bit of a
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  Speaker 3: test to see. We'll know in about twelve months what
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  Speaker 3: their intentions.
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  Speaker 2: Are min get you back on then, Jeff, appreciate your insight.
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  Speaker 2: Jeff Grant, who's the spokesperson for the Alliance shareholders.
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