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Dairy Equity Encouraged by Equity SWAPs interest

Dairy Equity Encouraged by Early interest in Equity SWAPs

Dairy Equity Limited says it is pleased with the expressions of interest that it is receiving from farmers to its new SWAP initiative, under which it will purchase a beneficial interest in Fonterra Fair Value Shares.

Chairman Peter Jensen said today that, because of Securities Law requirements, the company cannot sign any SWAP agreements until the shares being issued in its current IPO are allotted in mid September.

However, he said there had been strong enquiry on a number of fronts and that this level of enquiry was consistent with the extensive market testing the company carried out with farming intermediaries in the weeks prior to coming to market.

“We are now in a position where we are receiving significant interest from a number of corporate farmers and many individual farmers and we are receiving on-going enquiries on the back of the advertising programme we began last week, Mr Jensen said.

“There has been a steady stream of enquiry to our 0800 number and both Dairy Equity and the Lead Manager to the issue, ABN AMRO Craigs, have had many additional enquiries from dairy farmers as a result of publicity surrounding the IPO”. Mr Jensen said..

“As a result of interest to date and the management company’s on-going marketing to farmers, we expect to enter into SWAP agreements shortly after listing on 14 September. We will keep the market informed of progress,” he said.

ENDS

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