Shareholders’ Council Welcomes Payout Increase

 
MEDIA RELEASE

9 November 2009

Shareholders’ Council Welcomes Payout Forecast Increase of 95 Cents

The Fonterra Shareholders’ Council welcomes the co-operative’s announcement today of an increase in the 2009/10 forecast payout and advance rate for its farmers.

Fonterra announced a 95 cent increase in its forecast total amount Available For Payout from $5.10 per kilogram of milksolids (kgMS) to $6.05 and a 75 cent increase in the advance payout rate for milk to $4.00 kgMS.

Council Chairman Blue Read said: “Farmers will be both pleased and surprised at the significance of the increase. The fluctuations in the forecast adjustments our farmers have been getting for their milk, particularly during the past two years, clearly demonstrate the volatility of the global market place.      

“This is why it is so important we get timely updates from the Board.

“We look forward to the increase flowing through to farmers’ cash flow.

“Receiving this news should help restore farmers’ confidence that the food industry is one of the best to be in especially during depressed global economic times”, said Blue Read.

ENDS

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