Lower Waitaki Irrigation Company Ltd

Notice of Meeting

Notice is hereby given that the Annual General Meeting of the Lower Waitaki Irrigation Company Limited will be held at the Lower Waitaki Golf Club on the

20^th day of September 2017 at 7.30pm.

Agenda

1. Welcome
2. Apologies
3. Election of Directors – Mr R Plunket retires by rotation and is seeking re-election. Mr P Borrie retires by rotation and is seeking re-election.
4. Special Shareholder Resolution (see over page)

That pursuant to Sec 207I of the Financial Reporting (Amendments to Other Enactments) Act 2013, that Lower Waitaki Irrigation Company Ltd shall opt out of compliance with Section 201(preparation of financial statements that comply with generally accepted accounting practice) in relation to the accounting period ended 30 June 2018.

5. Minutes of the previous Annual General Meeting
6. Matters arising from the minutes
7. To receive and approve the chairman’s / directors’ report for the year ended 30 June 2017

8. To receive and approve the financial statements and auditor’s report for the year ended 30 June 2017

9. To appoint Audit Professionals as auditor for the ensuing year and to authorise the directors to fix the remuneration of the auditor
10. General Business To transact any other business which may be brought forward per the Constitution of the company.

11. Announcement of results – Election of Directors.

By Order of the Board

Moira Bishop

Company Administrator

Oamaru

Email: moira@lowerwaitakiirrigation.co.nz

Special Resolution of Shareholders

Sec 201 of the Financial Reporting (Amendments to Other Enactments) Act 2013 requires the company to prepare financial statements that comply with generally accepted accounting practice.

Our auditor, Audit Professionals, advised that under generally accepted accounting practice the company should prepare financial statements that are compliant with International Financial Reporting Standards (IFRS).

Of course the company needs to prepare financial statements that meet the needs of all readers of the accounts, we are confident the current financial statements are adequate.

It is difficult to see the benefit of any increased level of reporting for shareholders, given it comes with a significantly increased compliance cost, both in terms of accountancy and audit fees.

There is an option under Sec 207I of the Financial Reporting (Amendments to Other Enactments) Act 2013 to opt out of compliance with Section 201. To do so requires, at a meeting of the shareholders, a resolution to be passed by not less than 95% of the votes of shareholders entitled to vote and voting at that meeting.

It will be necessary to pass this resolution at future Annual General Meetings.

If you have any questions in relation to the proposed resolution please contact Fraser McKenzie, McKenzie & Co, in the first instance, fraser@mckenzieca.co.nz or 03 434 7944.