Fonterra's unit price had fallen by almost 10 per cent by late morning after coming off a two-day NZX trading halt.
By 11.30 am the units - which allow investors access to Fonterra's dividends -
were trading at $4.15, down 45c or 9.8 per cent from their last traded price on Tuesday.
There was no trade in the units on Wednesday, in advance of the proposals, or on Thursday, when they were laid out.
Fonterra directors are proposing an easier entry for farmers to gain access to the co-op and either axing or capping the listed Fonterra Shareholders' Fund.
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The proposals will be put to shareholders at the Fonterra's annual meeting in November.
As of May 4, the Fund had about 107.2 million units on issue and a market capitalisation of around $493 million.
The fund is a constituent in the S&P/NZX 50 index.