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
No single investor owns more than 5% of units in the $525 million Fonterra investment fund – which means investors do not have to be publicly disclosed.
Under the Securities Markets Act and Financial Markets Authority rules, any holding over 5% has to be disclosed.
Fonterra chief financial officer Jonathan Mason told NBR ONLINE he does not believe any single unit-holder has more than 5%.
"That would have to be disclosed."
Fonterra revealed yesterday it has set its unit price at $5.50, at the top of the range in its prospectus.
Mr Mason would not confirm whether China's sovereign wealth fund, the $US400 billion China Investment Corp, had invested.
"We really don't want to confirm specifics," he says.
In terms of releasing information about which companies had invested, Mr Mason says: "We won't unless we have to."
Given trading of the units is scheduled to begin on the NZX and ASX on Friday, large unit-holders may have the opportunity to increase their holding and some may breach the 5% threshold.
Fonterra's policy is for no single investor to hold a total of more than 15% of units.
While Mr Mason would not give a breakdown of its $525 million fund last night, the Australian Financial Review disclosed institutions were allocated about $300 million of stock, $125 million went to the broker firm offer and $75 million to so-called friends of Fonterra.
Being closer to trading of units and "getting permanent capital" was a big step forward, Mr Mason says.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Reserve Bank to press ahead with plans to carve out property investment lending
- Wool prices hold at elevated levels as volumes decline
- Australian Music: Queensland Symphony Orchestra
- Hellaby Holdings sells packaging division to Coveris for $30m
- OPINION: More than you bargained for: Corporate acquisitions carry a new cyber-threat