Jamie Gray

Jamie Gray is a business reporter for the New Zealand Herald and APNZ wire agency

Fonterra sets 'wet share' price

Photo / Mark Mitchell
Photo / Mark Mitchell

Fonterra said it had set $7.92 as its final price for the economic right of each share that farmer shareholders can sell during the current supply offer for Trading Among Farmers.

The price was calculated using the average daily traded price on the NZX for Fonterra units between May 2 and May 15.

General manager - trading among farmers - Aaron Jenkins, said farmer-shareholders have a further week to confirm if they wish to participate in the supply offer before it closes on May 23.

The outcome of the offer will be announced on May 27.

Farmer shareholders who participate in the offer will receive payment for any economic rights to "wet" shares that they sell by June 6.

"Wet" shares are shares that Fonterra's farmers must buy to gain the right to supply, or to increase their supply, to the cooperative.

The Fonterra units, which listed on the NZX last November, traded on Wednesday at $7.99 each.

- APNZ

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