Shareholder vote surprises firm's chief

By Libby Middlebrook

Richmond shareholders have unanimously approved a takeover of Wanganui-based Waitotara Meats - boosting the company's share of the North Island meat processing market to at least 45 per cent.

Yesterday 300 Richmond shareholders turned out to vote on the takeover of Waitotara, a Wanganui-based company with two factories and annual turnover of $100 million.

Richmond chief executive John Loughlin said he was surprised by the unanimous vote as South Island meat processor PPCS, which indirectly holds a third of Richmond, was not expected to approve the takeover as it would dilute their holding. "I always thought it was a very logical deal," he said.

But shareholders rejected a proposal to increase Richmond's board from nine to 11 members, which needed 75 per cent approval.