Silver Fern extends capital raising

Silver Fern Farms is extending a capital raising period by three weeks after only $12 million was raised when 37 per cent of farmer shareholders participated.

"This is at the low end of what we envisaged," said chairman Eoin Garden, who noted there was no success or failure level.

There was no immediate cash requirement for the company, he said, citing the offer of deferred payment terms for shares subscribed.

Under a capital restructuring announced in July, shareholders could exchange their rebate and supplier investment shares for new ordinary shares at the ratio of one-for-one.

Silver Fern Farms urged its farmer shareholders to take up the "window of opportunity" for the cash issue, which now closes on October 9.

- NZPA