Food and dairy processor Noumi, formerly Freedom Foods, is moving ahead with plans to sell its shares in Australian Fresh Milk Holdings.
An extraordinary meeting was held on August 17 to approve the sale of shares at $1.45, which have been offered to New Australia and Leppington Pastoral Investments.
Noumi expects to earn $29.6 million from the sale, with most of the money directed towards settlement of a legal action involving the Blue Diamond company.
Noumi chair Genevieve Gregor told the meeting if the share sale was not approved the company would have had to fund its obligations under the settlement agreement out of operating cash flow.
The vote was carried by a 95 per cent majority.
Noumi is expected to announce its financial results for the 2022 year in the coming weeks.
Noumi has also told shareholders it is fighting a claim by the company Sunday Collab over its rights of distribution into Europe.
Sunday Collab is pursuing a claim for 17 million euros in the Queensland Supreme Court.
Noumi describes the claim as unsubstantiated and misconceived.
Noumi is also contesting a class action launched by shareholders In the Victorian Supreme Court between 2014 and 2020, who claim the company misled shareholders over stock value which led to falling share prices.
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