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Farmers Taking Advantage of Capital Structure Flexibility

MEDIA RELEASE

27 May 2013

Farmers Taking Advantage of Capital Structure Flexibility

Fonterra Shareholders’ Council Chairman, Ian Brown, said Farmers’ take-up of the latest Fonterra Supply Offer shows they are beginning to take advantage of the flexibility Trading Among Farmers (TAF) offers them.

Twenty per cent of Farmers sold close to $600 million worth of the economic rights to their Wet Shares, Mr Brown said.

“The first Supply Offer saw Farmers exercise some understandable caution but with growing confidence in the new system Farmers are now ready to use TAF as it was intended.

“The solid level of demand from Shareholders to release some of the economic value of their shares shows they are using TAF to their benefit.

“Farmers are taking advantage of the greater flexibility it offers them in making decisions that impact the day-to-day running of their business.

“This also strengthens our Co-operative as Fonterra is now able to make better use of our capital rather than, as the recent drought would have compelled it to, distribute it as Farmers redeemed their shares.”

ENDS

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