Chairman David Graham said the board's recommendation to shareholders was based mostly on the strong financial position of the Ballance Group following a record-breaking year.
"The outlook for farming looks sound, and the value of $7.50 is supported by our present and projected earnings," he said.
In July, Ballance announced it would return nearly 60 per cent of its profits for the 2010/2011 financial year to shareholders through a record rebate and dividend payment of $50.29 per tonne. That followed an $85.9million trading result - four times greater than the $20.7million earned in the previous year.
"We have been through a couple of volatile years where an amendment to the share price has not been proposed," Mr Graham said.
"The lift in nominal value also recognises the capital our longer-serving shareholders have contributed and ensures that new shareholders contribute to the capital base."
Shareholders also agreed to reduce the number of elected directors from eight to six, to increase the number of appointed directors from two to three and to reduce the number of Ballance wards from four to three. The South Island remains as one ward and the North Island will be divided into two, each ward with two elected directors.
Eighty-eight per cent voted in favour of the changes, well over the 75 per cent required to pass the resolution.
The board wanted to set the co-operative up for the future by further expanding the board's expertise, he said.
"Farmers will continue to have a majority voice when making decisions about our co-operative, but this move also strengthens the benefit of external directors, who bring different commercial skill sets and experiences to the table. We are pleased to have shareholders' support for this change."
The constitution provides for a transition period through to 2013 to put the changes into place.
Mr Graham told Hawke's Bay Today that his rosy prediction for the sector was simple maths. As middle classes in countries with increasing populations expanded, demand for protein was rising.
