As cooperative Silver Fern Farms' annual meeting looms its shares are trading at barely half the $1 issue price of last spring's capital raising. Last week a parcel of 16,562 changed hands for 54c/share following a deal at 50c on January 7. At 54c/share the company would be worth just $44 million. "Obviously it's a very discounted valuation and it's based on a very thin trade," chief executive Keith Cooper told Rural News. Since the shares were first offered on Unlisted on October 27, 60 transactions have seen 411,444 shares traded, 0.5% of the 81.4 million shares issued. The price fell rapidly after an initial transaction at $1, touching 50c for the first time in early November. The price recovered to 65c before hitting a low of 47c in December. Last week shares were being offered at 60 to 90c, with bids from 51 cents down to 20 cents. Whether the share price is a topic for discussion at the annual meeting in Gore next Wednesday will be down to shareholders. "There are no specific agenda items, no specific announcements, so it's just an open discussion," says Cooper. The afternoon's annual meeting is preceded by a Sheep and Beef Forum in the morning featuring guest speakers from UK supermarket Tesco, Pfizer, AgResearch and M&WNZ. Meanwhile, design agency designworks is bragging about the "brand transformation" it has completed with SFF."Our objective was to create a contemporary premium NZ international brand," says designworks' Noel Blackwell. "We wanted a brand which would showcase the very best of New Zealand and clearly displays the values and qualities this country takes pride in representing offshore."
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