LIC gets the green light from shareholders for share simpli

CERTIFICATE OF RETURNING OFFICER AS TO VOTING

I, Melanie Tonkin, Governance and Representation Advisor, of Livestock Improvement Corporation Limited
(“Company”) hereby certify as follows:

1. I was authorised by the Board of the Company to receive and count postal, electronic and proxy votes
at the special meeting of shareholders of the Company held on Wednesday 14 March 2014
(“Meeting”), and to act as returning officer in relation to votes cast on a poll at the Meeting.


2. I appointed Electionz.com to collect together all postal, electronic and proxy votes received by or
lodged with the Company in relation to the Meeting.


3. With respect to the postal and electronic votes and the votes cast by way of poll in relation to each
resolution to be voted on the Meeting, Electionz.com, on my behalf counted:

(i) The number of Shareholders voting in favour of the resolution and the number of votes cast by
each Shareholder in favour of the resolution; and

(ii) The number of Shareholders voting against the resolution and the number of votes cast by
each Shareholder against the resolution.


4. Attached are the results of the counts made as referred to above
Dated the 14
th
March 2018

MJ Tonkin
Returning Officer

Annual Meeting of Shareholders – 14 March 2018
Postal Voting and Poll Voting Results

Results of Resolutions:

1. Approval of increasing Co-operative Shareholding requirements, issue nil-paid Co-operative
Control shares and subdivide Investment shares

Total Shareholders voting in favour of the resolution 1,841
Total Shareholder votes in favour of the resolution 1,490,551 86.97%

Total Shareholders voting against the resolution 300
Total Shareholder votes against the resolution 208,868 12.19%



2.1 Approval to amend the existing constitution, reclassify Co-operative Control and Investment
shares, and adopt the new constitution. (Co-operative Control shareholders)

Total Shareholders voting in favour of the resolution 1,861
Total Shareholder votes in favour of the resolution 1,502,888 87.69%

Total Shareholders voting against the resolution 290
Total Shareholder votes against the resolution 201,196 11.74%



2.2 Approval to amend the existing constitution, reclassify Co-operative Control and Investment
shares, and adopt the new constitution. (Investment shareholders)

Total Shareholders voting in favour of the resolution 1,431
Total Shareholder votes in favour of the resolution 9,122,965 83.39%

Total Shareholders voting against the resolution 216
Total Shareholder votes against the resolution 1,754,855 16.04%

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Private Bag 3016
Hamilton 3240
New Zealand

0800 651 156
www.lic.co.nz
LIC is the trading name of Livestock Improvement Corporation Limited

Market statement
14 March 2018
LIC gets the green light from shareholders for share simplification proposal
Following a Special Meeting held today the Board of Livestock Improvement Corporation Limited
(NZX: LIC) (LIC) has announced that it has received shareholder support to proceed with its proposal
to simplify LIC’s share structure.
The proposal will bring the farmer owned co-operative’s existing two classes of shares together into
a single class.
Of the votes received, 87.69% of co-operative shareholders and 83.39% of investment shareholders
voted for the proposal. Turnout was 27.28% of co-op shares and 37.36% of investment shares.
For the changes to proceed they needed to be approved by both classes of shareholders, each to a
level of 75% or more of the votes received.
Board Chair, Murray King, said that the result was an emphatic endorsement of the proposal from
shareholders and that the Board would now proceed with the next steps in implementing the
simplified share structure.
“This result is good news for LIC, our shareholders and New Zealand dairy farmers. It will allow us
to decisively address the increasing disparity between the two existing classes of shares and ensure
a resilient and agile co-op for the future.
“I want to thank all our shareholders who took the time to vote and to attend the roadshows that we
held up and down the country.
“For myself and the other directors it was great to hear shareholders feedback on the proposal and
answer a range of questions they had on the move and LIC’s performance.
“Under the Dairy Industry Restructuring Act, we are now required to seek Ministerial consent for the
changes to LIC’s constitution that will enable the proposal to be implemented.
“We have written to the Minister of Agriculture seeking his consent and given the clear shareholder
support for the proposal we are hopeful that this will be granted shortly.
“It is then the board’s intention to carry out the implementation of the proposal over July 2018 with
the aim to have trading in the new single class of Ordinary Shares open on 23 July 2018.
“We will keep shareholders and the market updated on progress towards this and all shareholders
will shortly receive further information on the next steps in the implementation process.
“It’s great to finally have an end in sight to what has been an exhaustive process. This has been an
important step in the future proofing of LIC and the Board is pleased to see it receive strong
shareholder support”, King concluded.

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ENDS
Media contact: Ashleigh Sattler 027 617 1942
For any shareholder enquiries please phone 0800 264 632
About LIC
LIC is a farmer-owned co-operative that provides a range of services and solutions to improve the productivity and
prosperity of farmers. This includes dairy genetics, information technology, herd testing, DNA parentage verification and
farm advisory services through FarmWise. Subsidiary business LIC Automation also provides integrated automation
systems and unique milk testing sensors that present real-time data while a cow is being milked. With origins dating back
to 1909, LIC has a long history of world-leading innovations for the dairy industry.
Today the New Zealand-based co-operative employs more than 700 permanent staff, swelling to 2000 during the peak
dairy mating season. LIC also has offices in the United Kingdom, Ireland and Australia. All LIC profit is returned to its
farmer owners/shareholders in new solutions, dividends or re-invested for research and development or dividends.
www.lic.co.nz