Farmers getting online for vote

ANDREA FOX
Last updated 13:31 19/06/2012

Relevant offers

Farming

DairyNZ's grass-fed policy could be adding to our nitrate woes Fonterra's milk collection continues downward trend Alliance meat plant to spend half a million at its Levin facility Family find fawn that likes watching Black Caps and is best mates with their dog How dairying can try to regain public respect Clareville Fresh Milk brings raw milk to Wairarapa Purple for waste water irrigated bales a New Zealand first Taranaki farm has potential to become a golf resort rivalling those in Palm Springs Farm vehicle compliance: Are you in the know? Dairy price rebound pushes grocery bill higher in 2016

With four days left for Fonterra farmers to vote on the dairy giant's polarising plan to introduce share trading among farmers, 35 per cent of shareholders have voted, about half of them online.

Returning officer Warwick Lampp of Electionz said most Fonterra farmers vote in the last three days before voting closes, so his team is geared up for a last minute rush.

Voting on trading among farmers (TAF) via internet, post and fax closes at 10.30am on Saturday.

The special shareholders meeting itself will be held at 10.30am on Monday in Hamilton, with audio visual links to seven other venues.

The results of voting will be known that day.

For Fonterra's 10,500-odd farmer-shareholders, it is the second vote on the capital restructure proposal which would see New Zealand's biggest company, a farmer-owned co-operative, relieved of its obligation to cash up the shares of farmers who are exiting or reducing their milk supply.

A market would be created for farmers to trade the shares between themselves, with non-voting, dividend-carrying units in shares traded through a proposed shareholders' fund being offered to sharemarket investors.

Shareholders voted in support of the TAF concept in 2010 but in the delay implementing the restructure, many farmers have got cold feet, fearful the influence of outside investors could push up the share price beyond farmers' reach, and set a path for loss of control and ownership of the farmer-owned company.

Ad Feedback

- Waikato Times

Special offers
Opinion poll

Is it time for authorities to introduce tougher penalties for poaching?

Yes

No

Vote Result

Related story: Booby traps for poachers cost farmers

Featured Promotions

Sponsored Content

Agri e-editions

Digital editions

Read our rural publications online