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I hope everyone had a chance to fit in a break over the holiday period.
We are confident 2017 will be a good year for your co-operative and with that in mind, I would like to provide you with an exciting update regarding our Farmlands Finance business.
At a date to be confirmed but likely 1st March, Farmlands will (rather than provide its own finance) offer financing products such as Creditline, Term Loans and Hire Purchase through a new external partner, Finance Now. Finance Now is a subsidiary of the SBS Bank, a co-operative bank.
It is important to note that the aligned finance offers we provide to shareholders will be unaffected by this change. Effectively it is business as usual, just with a new partner providing high levels of expertise. We are working with Finance Now to ensure there is minimal disruption through the change process.
We have been identifying opportunities at Farmlands that allow us to respond quickly and effectively to whatever our sector challenges us with. One of the business areas we have focused on is our network of partnerships with external providers. These have been successful for us in the past (e.g. FMG, Meridian and Spark) and following a full review, we have decided to extend this successful partnership model to the way we provide financial services.
This is both a logical and positive move for Farmlands. Shareholders will benefit through competitive rates and more comprehensive service offerings and through an enhanced contribution to the Farmlands balance sheet from Finance Now.
At this stage, our Livestock Finance business will continue to be managed internally.
If you have any questions regarding this update, please talk to your local Business Manager. I wish you all the best for a profitable year ahead.
Peter ReidieFarmlands CEO
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