Download printable version here.
Our Co-operative is currently consulting with farmers on potential options to change our capital structure. This is part of a Board-led review that’s about making decisions together to help ensure:
The announcement to start the comprehensive consultation process was made in early May and can be read here.
Further information about how we got to this point, how the consultation process is being run and what potential options we’re seeking farmer feedback on are included in our Capital Structure Consultation Booklet. Or, check out these Frequently Asked Questions or the Farmer Roadshow Presentation.
If you’re a Fonterra farmer, here are a couple of other important links:
Over the coming months, farmers will have the chance to share their views through a series of meetings, webinars and other opportunities.
If the appetite for change remains, the Board will do further work to refine the preferred option or options and have a second round of consultation.
If the Board decides to seek change to our Co-op’s capital structure, it would likely aim for a farmer vote around the time of the Annual Meeting in November and the approval of 75% of votes from voting farmers would be required. If the preferred outcome is to buy back the Fund, it would also require the approval of 75% of votes from voting unit holders.
As some aspects of Fonterra’s current capital structure are reflected in the Dairy Industry Restructuring Act 2001 (DIRA), any vote is likely to be conditional on any necessary changes to legislation being passed.
We’ll be providing regular updates about the ongoing capital structure review on this page and via our usual communications channels.
This is the farmer-only market where farmers trade shares in our Co-op between themselves. The introduction of this market and the other TAF amendments in 2012 meant that our Co-op no longer had to issue and redeem shares.
This is a managed investment scheme under the Financial Markets Conduct Act. It is listed on the NZX Main Board and on the ASX, and units in the FSF can be bought and sold by the public in the same way as any other listed security.
Units in the FSF give the holder access to the economic rights in a share (such as distributions or dividends). Like any member of the public, farmer owners can also trade units in the FSF.
The following documents were prepared as part of the introduction of Trading Among Farmers in 2012. They describe the arrangements at the time they were issued and have not been updated since then.
Trading Among Farmers Blueprint
Prospectus and Investment Statement
2013 Supply Offer