Sanford moves to restrict foreign shareholders to protect quotas

Wed, 14 Dec 2016

By Fiona Rotherham Dec. 14 (BusinessDesk) - Sanford, the fishing company which counts the Goodfellow family as a cornerstone investor, has asked shareholders to vote for a constitutional change so it can restrict the level of foreign ownership to 22.5 percent to avoid jeopardising its wild catch fishing quota. The Overseas Investment Act and Fisheries Act restricts foreign investment in fishing quota which is the company’s major asset, worth an estimated $401 million. Shareholders were told at today’s annual meeting in Auckland that if...

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