PPCS Director Changes
Terry Egan Retirement
Long-serving PPCS Director Terry Egan has announced his retirement from the Board of PPCS Limited with immediate effect.
Mr Egan, a sheep farmer from western Southland, was elected to the Board in 1990.
Chairman Reese Hart said Mr Egan had earlier indicated to the Board his intention to retire from the Board of PPCS at
the conclusion of his current term at the end of this year. Mr Egan has decided to retire now to facilitate governance
representation from across PPCS' total geographic supply base.
Chairman Reese Hart thanked Mr Egan for his significant contribution to the Board and to PPCS over the past 17 years.
Director Appointments
Mr Hart said in light of Mr Egan's retirement and the continuing casual vacancy created by the resignation of Andrew Fox
in June 2006, the Board of PPCS had resolved to appoint Alistair Polson and Angus Mabin to the Board with immediate
effect.
Alistair Polson is a sheep and beef farmer based in the Mangamahu Valley near Wanganui and Angus Mabin is a beef farmer
based in Waipukarau, Central Hawke's Bay. Both are currently PPCS North Island Supplier Council members (director
biographies are included below).
Mr Hart said: "In the coming months, the PPCS Board expects to continue its strategic review and address a wide range of
matters related to the company and the wider industry. Among various initiatives, the Board will be considering the
PricewaterhouseCoopers review commissioned by PPCS and Alliance on potential options to improve returns to the farmer
suppliers of the two co-operatives.
"Given the strategic importance of these matters, the Board of PPCS considered it was appropriate to include directors
who farm in the North Island, where PPCS has a significant shareholding base," he said.
As previously signalled, the Board has established two North Island electoral districts for the next PPCS director
elections. These will be North Island West and North Island East. Alistair Polson farms within the West district and
Angus Mabin within the East district. There will an election for the West district at the next Annual Meeting and for
the East district at the following Annual Meeting.
The two North Island electoral districts are based on the areas to the east and to the west of a line running south to
north up the Tararua and Ruahine ranges to Lake Taupo, then following the Waikato River to Lake Karapiro then following
a direct line through Maramarua to Orere Point on the western tip of the Firth of Thames. Mr Hart said that the North
Island Suppliers Council will continue to operate as before to maintain communication to the Board regarding the views
of PPCS' North Island suppliers.
Annual Meeting And Director Elections
The Board has resolved to hold its next Annual Meeting of shareholders on Friday 29 February 2008. This is intended to
allow the Board time to fully consider what steps, if any, will be taken during the course of the company's strategic
review. The proposed date for the Annual Meeting meets the requirement for PPCS to hold its annual meeting of
shareholders within six months of the company's financial yearend of 31 August.
The districts in which directors will retire at the next Annual Meeting of the company are set out below.
Electoral District Election at the February 2008 Annual Meeting
South Island - South Waitaki: as a result of the retirement by rotation of Robbie Burnside. As previously announced, Mr
Burnside has advised he will not be standing for re-election
South Island - North Waitaki: as a result of the retirement by rotation of Reese Hart
North Island West: as a result of the retirement by rotation of Alistair Polson. (Alistair Polson will retire at the
time Mr Egan would have retired by rotation being the Annual Meeting to be held in February 2008.)
North Island East: no election
Angus Mabin (North Island East) will retire at the Annual Meeting following the financial year-end of 31 August 2008.
Nominations for directors will close on 17 January 2008. Nomination forms will be available from 1 December 2007.
Director Biographies
Alistair Polson, Wanganui
Alistair Polson farms two sheep and beef properties near Wanganui totalling 22,000 stock units. He is currently New
Zealand's Special Agricultural Trade Envoy, is a director of Wool Equities Limited and Keratec Limited, is Chair of the
Sustainable Landuse Research Initiative and Trustee of regional conservation trust He Tini Awa. He holds a Bachelor of
Agricultural Science degree.
Alistair was National President of Federated Farmers from 1992 to 2002. He is a former director of the Waitotara Meat
Company, the New Zealand Wool Testing Authority and the Agriculture Industry Training Organisation. He was also a
government appointee on the New Zealand Veterinary Council, member of National Animal Welfare Advisory Committee and
Chair of the New Zealand Landcare Trust.
Angus Mabin, Central Hawke's Bay
Angus Mabin farms bull-beef on a 1000-hectare property in Waipukurau, Central Hawke's Bay. He was previously involved in
his family's sheep, beef and deer operation and farmed deer until 1998. Angus is currently on the management committee
of the High Performance Farming Programme in Hawke's Bay. He holds a Bachelor of Agriculture degree.
Angus has held a number of positions in the deer industry during the 1990s, including: Chair of the Hawke's Bay Branch
of the Deer Farmers Association, Chair of the Richmond/Wrightson Deer Study Programme, Chair of the North Island Velvet
Competition and member of the selection and appointment panel for the Game Industry Board.
ENDS