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Share trade planning ‘step by step’


 

Fonterra chief executive Andrew Ferrier is confident the cooperative has developed the basis for a workable solution to farmer-to-farmer trading of shares – but the devil is now in the detail.

The co-op’s management, board and the Fonterra Shareholders’ Council (FSC) are working through the process step by step. He said he was comfortable with progress towards coming up with a final proposal that will go out to farmer shareholders for consultation.

He couldn’t be specific about the timing of any consultation, but said it would have to be either before or after calving, which begins in some areas of the North Island in July.

Ferrier said management had come up with a model and it had then taken some time to work through it with the co-op’s board before discussions with the FSC were started.

 

Care important

FSC chairman Blue Read said it was important that due care was taken in refining the trading model to avoid the danger of creating something that wasn’t enduring. But both the board and management were conscious the issue needed to be dealt with expediently to allow focus to turn to other business issues.

Fonterra chairman Sir Henry van der Heyden has dismissed assertions by Open Country Dairy’s chairman Laurie Margrain that farmer-to-farmer share trading will prevent fair entry and exit from the cooperative if there is an imbalance between willing buyers and sellers.

It’s understood the proposed model will have provisions to ensure Fonterra’s obligations under the Dairy Industry Restructuring Act (DIRA) are not abrogated so there is fair entry and exit.



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