Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.Launch Radio player
Fonterra has scaled back its offer to farmer shareholders to sell the economic rights of their shares into the Shareholders' Fund.
The NZX-listed Fonterra Shareholders' Fund, which gives outside investors access to the dairy exporter's dividend stream, will buy almost 60 million so-called 'wet' shares worth $475 million at $7.92 apiece, with those new units sold to Fonterra and redeemed for shares, the cooperative said in a statement.
That means the supply offer will not affect the number of units on issue in the fund.
Fonterra received offers of some 75.2 million 'wet' shares worth $595.8 million and scaled it back to the maximum amount. The transfer will take place on May 30.
Units in the fund sank 1.5 percent to $7.84 on Friday and have gained 11 percent this year.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Warehouse CEO to depart as company fades
- MARKET CLOSE: Shares follow ASX lower, paced by Spark, Xero
- Invivo Wines beats equity crowdfunding records
- POLL RESULT: Should the govt put funds toward the next America's Cup if there's no Auckland qualifying series?
- Dollar slips as traders look ahead to dairy auction, US payrolls data