Farmlands directors quite over merger plan
Updated at 6:35 am on 23 January 2013
Two directors on the board of North Island rural retailer Farmlands have resigned over their concerns about the company's proposed merger with South Island company CRT.
Directors Charlie Pedersen and Hugh Ritchie announced their resignations from the cooperative saying they do not believe the merger is in the best interests of its members.
Mr Ritchie said the merger business plan is short on detail and he is concerned about the fees being paid to a consultant.
He said he wanted to make it clear that the board was not unanimously behind the decision.
Farmlands chairman Lachie Johnstone said the merger will bring significant financial benefits over time.
In the end, he said, it's not about personal opinions, but about giving shareholders a say in what is a significant matter.
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