Hon David Carter

Minister of Agriculture

12 November 2009
Media Release

Shareholders urged to vote on Fonterra capital structure

Agriculture Minister David Carter says it is important Fonterra shareholders have their say in next week’s vote on a new capital structure for the company.

“This is an important decision for farmers and the future of New Zealand’s largest company.”

Mr Carter says that given the roller coaster ride of the global dairy industry over the past 18 months, it is positive to see Fonterra taking steps to position itself for the future.

“It is clear that progress is needed on capital restructuring if Fonterra is to deliver on its growth potential to both its shareholders and all New Zealanders.

“But this can only happen if the shareholders exercise their right to vote.

“Farmers have long argued the need to have a farmer-owned cooperative and that they should be given the first rights on funding any new investment. Fonterra’s plan represents an important step towards achieving this,” says Mr Carter.

ENDS

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