4 Feb 2013

Support for merger declared by former directors

12:47 pm on 4 February 2013

Former directors of the North Island rural retailer ,Farmlands, have declared their support for the proposed merger with the South Island company CRT.

There has been debate among shareholders about the proposed merger, which the Farmlands board is recommending.

The debate heated up with the recent resignation of two directors, Charlie Pedersen and Hugh Ritchie, who oppose the move.

A group of six long-serving former directors have written to declare their support, because of their concern that dissension or apathy could scuttle the merger.

One of the group, Steve Wyn-Harris of central Hawke's Bay, said that while Farmlands considered and rejected the idea previously, this time it makes commercial sense.