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DIRA: Closing date for submissions extended

DIRA: Closing date for submissions extended

The closing date for submissions on the Commission’s draft determination relating to setting the discount rate for calculating Fonterra Co-operative Group Limited’s annualised share value for the 2001-2002 season has been extended until Friday 7 March.

The Commission has extended the submission period at the request of Fonterra.

Setting the discount rate is a statutory requirement under the Dairy Industry Restructuring (Raw Milk) Regulations 2001.

In its draft, released on 30 January, the Commission used a different methodology to set the discount rate to that proposed by Fonterra. Applying the Commission’s methodology results in a preliminary discount rate for calculating Fonterra’s annualised share value for the 2001-2002 season, of 11.7 percent. This compares with the discount rate proposed by Fonterra of 8.25 percent.

After considering the submissions, the Commission will release its final determination.

The Commission’s draft determination is available on www.comcom.govt.nz (select Dairy Industry Restructuring Act, Commission Decisions).

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