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
- Wynyard announces huge loss but still a going concern say directors
- Struggling finance firm rewards directors
- Qantas looks to international expansion after best-ever result
- PM sets ground rules for ministers' treatment of public servants
- Sir Ngatata Love laments misplaced trust in Shaan Stevens, says name misused on documents
Most listened to
- John Key says demand for New Zealand as a holiday destination is not even close to drying up
- China launches ‘uncrackable’ satellite while Syria’s regime strengthens on Foreign Affairs Scope with Nathan Smith
- F&P Healthcare's Lewis Gradon talks about the future of the company
- Tourism Holdings CEO Grant Webster on how his company can improve results further
- Rod Oram 'heartened' ComCom's considering 'substantive issues so vital to the country’s discourse’ at heart of NZME-Fairfax merger