Fonterra TAF vote result expected this afternoon

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

The returning officer for Fonterra's special meeting says a result should be known this afternoon.

Fonterra shareholders are voting on the controversial trading among farmers (TAF) scheme, which will allow non-farmers to buy limited non-voting "units" and help fund the co-operative's global expansion. 

Warwick Lampp, of Electionz.com, an election management company, says 70% of shareholders have already voted before today's meeting, being held principally at Claudelands Events Centre in Hamilton and beamed to seven other venues around the country.

A result should be announced this afternoon, Mr Lampp says, perhaps between 4pm and 5pm.

Asked if he could reveal what percentage of votes were in favour of TAF, he said: "No, we can't do that until all the voting is completed."

There has been a flurry of comment leading up to today's meeting, including accusations that Fonterra's CEO Theo Spierings has been scaremongering and warning from across the Tasman that the gamble of TAF isn't worth it.


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

NZ Market Snapshot

Forex

Sym Price Change
USD 0.6454 0.0000 0.00%
AUD 0.9021 0.0000 0.00%
EUR 0.5771 0.0000 0.00%
GBP 0.4195 0.0000 0.00%
HKD 5.0087 0.0000 0.00%
JPY 78.6100 0.0000 0.00%

Commods

Commodity Price Change Time
Gold Index 1133.3 8.610 2015-08-28T00:
Oil Brent 50.0 7.240 2015-08-28T00:
Oil Nymex 45.2 2.730 2015-08-28T00:
Silver Index 14.5 0.120 2015-08-28T00:

Indices

Symbol Open High Last %
NZX 50 5634.9 5688.3 5634.9 0.63%
NASDAQ 4792.1 4836.8 4812.7 0.32%
DAX 10335.9 10336.9 10315.6 -0.17%
DJI 16649.4 16670.0 16654.8 -0.07%
FTSE 6192.0 6247.9 6192.0 0.90%
HKSE 22424.4 22424.4 21838.5 -1.04%
NI225 18908.7 19192.8 18574.4 3.03%