Friday, July 1, 2022

Supply offer dates confirmed

A supply offer enabling Fonterra farmer shareholders to sell the economic rights of some of their shares will open on May 2 and close at 5pm on May 23, the dairy co-operative confirmed today.

The price farmers will receive for their economic rights, or the final price, will be announced on May 16.

The final price will be calculated in relation to the average daily sales prices on the NZX for Fonterra Units for each trading day between May 2 and 15.

Farmer shareholders will then have a further week after the final price has been announced to confirm if they want to participate in the supply offer before it closes.

“We encourage those considering their options to seek independent financial advice,” Trading Among Farmers general manager Aaron Jenkins said.

The outcome of the supply offer will be announced on May 27 and farmer shareholders who participate will receive payment for any economic rights to Wet Shares that they sell by June 6.

Fonterra will buy the units that arise as a result of the supply offer using the $475 million raised at the launch of Trading Among Farmers and redeem them for Fonterra shares.

A supply offer booklet and supply offer form are being mailed to all farmer shareholders this week. They are also available online at www.fonterrasupplyoffer.com from May 2.

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