Shares’ eco­nomic rights sold

Matamata Chronicle - - Rural Delivery -

This year’s drought is thought to have con­sid­er­ably sharp­ened Fon­terra farm­er­share­hold­ers’ ap­petite for the com­pany’s of­fer to sell the eco­nomic rights to their shares with about 20 per cent tak­ing up the sup­ply of­fer.

New Zealand’s largest com­pany has con­firmed that its farm­ers of­fered to sell 75,223,742 eco­nomic rights of ‘‘wet’’ or milk sup­ply shares in this month’s of­fer, to­talling a value of nearly $566 mil­lion.

The fi­nal pur­chase price for the of­fer was $7.92. It closed on Thurs­day last week.

Fon­terra chair­man John Wil­son said the level of de­mand meant the of­fer would be scaled with Fon­terra buy­ing 79.7 per cent of the eco­nomic rights each farmer share­holder of­fered to sell.

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