22 Jun 2012

Half of eligible votes received on TAF so far

12:39 pm on 22 June 2012

With a day to go before postal and on-line voting closes, about half of Fonterra's shareholders have voted on the Trading Among Farmers Plan.

Returning officer Warwick Lampp says just over 5000 of the 10,500 shareholders had voted by post, fax and email by Friday morning.

The deadline for farmers who are not planning to vote in person at Monday's special meeting is Saturday morning.

The TAF plan would allow farmers to buy and sell shares among themselves, removing the redemption risk from the co-operative itself.

The main issue for farmers has been the proposed shareholders fund that would allow outside investors to buy the dividend rights of shares that farmers deposit in the fund.

Critics say that has the potential to undermine farmer ownership and control of the Co-operstive.

The Fonterra Board and Sahreholders Council say that won't happen under the conditions proposed in theTAF plan.

Federated Farmers dairy chair, Willy Leferink says its one of the the most important decision farmers will have to make since the co-operative's creation and he urges those who have not already done so, to vote.