Fonterra shareholders to vote

DAIRY farmer shareholders of Fonterra have just been sent voting papers for proposed changes to the co-operative's constitution.

The mail-out is ahead of a special meeting, being held in Palmerston North on June 30, at which shareholders will vote on the changes to allow Fonterra's board to develop the detail of its trading among farmers proposal.

The changes to be voted on include pre-conditions that would need to be met before the trading scheme could be implemented.

Fonterra chairman Sir Henry van der Heyden said the changes to the constitution were designed to bring important benefits for the co- operative and its farmer shareholders. "For our farmer shareholders, trading among farmers would allow them to buy and sell shares when it suited their cash flows and would deliver flexibility when buying and selling shares with three years in and out rules."

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He said farmer shareholders would have the choice of freeing up some of their share capital through the Fonterra Shareholders Fund.

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Sir Henry said for the co-operative, the trading scheme would stop money washing in and out of the balance sheet, providing Fonterra with more permanent capital that would put it in a position to deliver the highest contemporary furniture sustainable returns over time.

"The changes would be a further step in the evolution of the co- operative. It is important that farmer shareholders take the time to read the material sent to them, and have their say."

Sir Henry said in addition to the normal 75 per cent shareholder vote required for any constitutional change, the pre-conditions meant that farmer shareholders could be assured the board would not allow the trading scheme to go ahead unless it considered that it would work for farmers, and that it was supported by the Shareholders Council.

He said feedback during shareholder consultations had been extremely valuable, leading to continued development of the way the trading scheme would work.

The June 30 meeting will be broadcast by live televised link to six other venues around the country, to provide as many shareholders as possible with the opportunity to attend.

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