Media Release

18 February 2008

Fonterra Vote Delay Welcomed

New Zealand First primary production spokesman Doug Woolerton has welcomed news that farmer opposition has derailed Fonterra’s plans for capital restructuring.

“Farmers are rightly concerned about losing control of the company that they and their forebears have built up with blood, sweat and toil. Today’s announcement that Fonterra will delay a crucial vote on the plan shows farmers are well aware of what they will lose if this proposal goes ahead,” said Mr Woolerton.

“Rather than be masters of their own destiny, farmers would become beholden to the non-farming shareholders if this proposal succeeds. This would be a slap in the face for our proud, self-reliant farmers, who are making it clear they don’t want a bar of it.

“Even worse for farmers and the country would be the fact that those snapping up Fonterra on the stock market will mostly be overseas investors, who are keen to get a slice of what will be New Zealand’s largest listed company. This would see even more of the wealth generated here disappearing into foreigners’ pockets.

“The sooner those behind the proposed listing of Fonterra acknowledge this proposal is not in farmers’ interests and shelve it for good the better,” said Mr Woolerton.

ENDS

© Scoop Media