Quiet AGM belies turbulent year for Affco

By PHILIPPA STEVENSON

The brevity of Affco's annual meeting yesterday contrasted sharply with the eventfulness of the year it reviewed.

In just 30 minutes the meat company's shareholders got a four-page address by executive chairman Sam Lewis, re-elected Mr Lewis and fellow director Bill Baylis, elected the formerly appointed directors Michael and Andrew Talley, approved the auditor's pay and asked a number of questions.

With Mr Lewis acting as chief executive and chairman, the meeting was always going to be spared the traditional two-speech format.

But the tight-lipped director-cum-manager raised reticence to a new level by reiterating comments he made in the annual report.

Shareholders barely taxed him for any more detail despite the company having had one of its more tumultuous years since its last annual meeting, including reporting an abysmally low $574,000 profit when other meat companies were fat from favourable trading conditions.

But then, Affco's shareholders may have been mindful that last year the company's fireworks started a few days after the annual meeting.

If history is to be repeated, the fuse may be still burning.