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New Zealand Farming Systems Uruguay - pasture - Source: www.nzfsu.co.nz -
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Directors of New Zealand Farming Systems Uruguay got a grilling at the company's annual general meeting on Thursday.
The company in August reported a net loss after tax of $45.9 million for the year to the end of June, with its Uruguay farms hit by drought, falling dairy prices and the global credit crisis.
Craigs Investment Partners analyst Rob Groenendal says the company's meeting on Thursday was acrimonious.
"The company has flagged that it will require another $50-$60 million to finish off some developments on the farms and they've indicated a bond issue for the second half of 2010 and possibly the sale of some farms, so shareholders aren't very happy at the moment," he says.
The company in August said its
$30 million bond issue in July gave it a much needed injection
in development funds.
