Results of Annual Shareholder Meeting

24 June 2020

2020 Annual General Meeting

Due to the travel restrictions of COVID-19, the 99th Annual Meeting of T&G Global Limited
was held as a virtual meeting through a live webcast, commencing at 9:00am New Zealand
time.
Prof. Klaus Josef Lutz chaired the meeting, with addresses made by the Chairman and by
the Chief Executive, Gareth Edgecombe.
After summarising the performances of the Company’s various divisions in the 2019 financial
year, Prof. Klaus Lutz outlined key areas of focus and potential opportunities for the future:
- In May 2020, T&G acquired Freshmax New Zealand’s domestic business, further
strengthening T&G’s New Zealand Produce business, which has been rebranded to
T&G Fresh;
- Continued strong focus on international growth, developing new categories,
simplifying the Company’s operating model and using its vast resources more
effectively;
- COVID-19 has raised the awareness of food and its importance in terms of
accessibility, and the need to simplify supply chains to ensure the smooth and
continuous flow of produce globally - T&G is well prepared to harness these
opportunities;
- The pandemic has also accelerated the uptake of technology by creating
opportunities to directly connect with customers and consumers and to bypass
traditional distribution channels;
- Future workforce plans will need to factor in the opportunities for COVID-19 impacted
unemployed New Zealanders, alongside skilled and trained RSE seasonal workers.
The Chairman noted the significant contribution of retiring Director Mr Mau Wah Liu over the
last three years. Mr Liu had advised that he will not be standing for re-election at this
meeting.
Acknowledgement was made to former Chairman, Tony Gibbs, who recently passed away.
Mr Gibbs led the then Turners and Growers for 16 years, until 2011, and during his tenure
the business grew to be a significant player in the international fresh produce industry.
In his presentation Chief Executive Gareth Edgecombe highlighted the following:
- Significant growth potential due to growing global population and consumers
increasingly seeking out healthy, trusted food;

- Operating profit increased in 2019 by 6% to $16.5 million despite a number of one-off
costs including restructure-related costs, reduction of the fair value in biological
assets, Holidays Act remediation and various transactional initiatives;
- Key performance drivers included:
o Strong sales and margin growth in key markets;
o A premium position in the US for Envy with increased sales by 43%;
o Further divestment of non-core assets with more productive use of freed up
capital (e.g. sale of the Mt Wellington site for $65 million, acquisition of
Freshmax New Zealand Limited).
- These drivers were impacted by:
o Adverse New Zealand weather impacting apple volumes and sizes;
o Oversupply of commodity apple varieties in Europe impacting prices;
o Mild New Zealand winter resulting in price volatility and oversupply of
tomatoes in New Zealand.
Mr Edgecombe further outlined T&G’s strategy with 2019 being the foundational year for
growing great brands, winning in key markets, and leading Aotearoa’s fresh produce future.
COVID-19 has resulted in a very challenging first half of 2020, including soft demand in some
markets, price pressure and supply chain challenges. In the outlook for 2020, Mr Edgecombe
highlighted the following areas of focus:
- Engaging the team by building a performance culture with health and safety being a
critical priority, and by harnessing digital tools and flexible ways of working;
- Executing key initiatives well, including maximising sales opportunities across key
markets and integrating Freshmax New Zealand to unlock synergy benefits;
- Mitigating COVID-19 risks by managing ongoing supply and demand constraints
while tightly controlling costs;
- Improving financial performance.
A number of shareholders took the opportunity to question the Board and management
regarding the financial statements and other matters.

With reference to the resolutions passed, please refer to the “Results of Annual Shareholder
Meeting”, announced separately.

For more information please contact:

Adrienne Sharp
Head of Corporate Affairs
T&G Global Limited
+ 64 (0)27 801 5534

---

Template
Meeting Results Announcement
Updated as at 26 September 2019
Page 1 of 1
24 June 2020

Results of T&G Global Limited Annual Shareholder Meeting

At T&G Global Limited’s annual shareholder meeting, held in Auckland on 24 June 2020,
shareholders were asked to vote on two resolutions, which were supported by the Board.

As required by NZX Listing Rule 6.1, all voting was conducted by a poll.

The resolutions passed by shareholders were:

• Election of Director;
• Appointment and Remuneration of Auditor.


Detail of the total number of votes cast in person or by a proxy holder are:

Resolution For Against Abstain
1. ELECTION OF DIRECTOR
To vote upon the election of a Director
appointed by the Board during the year, who
is required to resign in accordance with the
constitution, and, being eligible, offers
himself for election:
“That Mr Benedikt Joerg Mangold be
reappointed as a Director of T&G Global
Limited.”
93,332,899
100.00%
0
0.00%
0
0.00%
2. APPOINTMENT AND REMUNERATION
OF AUDITOR “
That under Section 207T(1) of the
Companies Act 1993 the reappointment of
Deloitte be confirmed; and that the Directors
be authorised to fix the fees and expenses of
the auditor for the ensuing year.”
93,332,899
100.00%
0
0.00%
0
0.00%

Authority for this announcement
Name of person authorised to make this
announcement
Douglas Bygrave
Contact person for this announcement Douglas Bygrave
Contact phone number 09 573 8899
Contact email address Doug.Bygrave@tandg.global
Date of release through MAP 24 June 2020