Dairy farm syndicate ditches Fonterra, doubles profit

A dairy farm syndicate run by long-time forestry backer Roger Dickie is edging closer to debt free status after switching dairy companies.

Mr Dickie raised $8 million from private investors in 2008 to help fund his $10 million purchase of the 413ha Murray Creek farm in Southland.

About 170 investors took part in the syndication while Bank of New Zealand provided a term loan and working capital facilities.


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