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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.