Fonterra shareholders watchdog vote needed on capital structure shakeup
13 May, 2021 05:40 AM
3 minutes to read
Fonterra, New Zealand s biggest business, plans a major capital structure rejig. Photo / File
The Fonterra Cooperative Council, which the Fonterra board needs on side to get its preferred capital restructure over the line this year, says it s yet to form a view of the proposal. The supporting vote of the council, advocate for the views of the big cooperative s 10,000 shareholders, sharemilkers, contract milkers and suppliers who don t have shares, will be one of three required by the Fonterra board to get its major change proposal passed in November.
Fonterra Shareholders Fund growth threat to farmer control even if they can t vote: Chairman
12 May, 2021 05:35 AM
5 minutes to read
Fonterra board aiming for November shareholder vote on capital restructure. Photo / File
The Fonterra Shareholders Fund does not have voting rights in New Zealand s biggest business, but it does have influence, which is a form of control, says chairman Peter McBride. The greater the size of the fund, the greater the level of influence it can bring to bear on the co-operative s leadership.
Fonterra farmer-shareholders and unitholders had different ideas about risk and value, he said.
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McBride was responding to an argument against axing or capping the $500 million Fonterra Shareholders Fund, in which the non-farming public can invest through buying units in farmer shares.
The shares have slid dramatically in the past year, having traded above $21 in August.
LAWRENCE SMITH/Stuff
A nearly 13 per cent slide in a2 Milk weighed heavily on the New Zealand sharemarket on Monday. A2 Milk said on Monday it expects revenue of between $1.2 billion and $1.25b in the year to the end of June, down from its $1.4b forecast in February, and $1.73b last year, as the Covid-19 pandemic disrupts sales of its a2 milk products, including infant formula, to China. Border closures and trade disruptions meant fewer tourists and international students shipped its products to China, known as the daigou trade.
Market close: A2 Milk drags sharemarket lower
10 May, 2021 05:38 AM
3 minutes to read
A2 Milk s woes rubbed off on the rest of the market. Photo / File
NZ Herald
A2 Milk s roller coaster ride saw the sharemarket close weaker as investors digested a fourth significant earnings downgrade from the alternative milk company. By the close
a2 Milk shares were down by 97c or 13 per cent at $6.62 but were off their low for the day of $6.05 after downgrading its earnings forecast for the fourth time, based on problems with the infant formula trade into China.
A2 Milk s downgrade brought it into line with broker forecasts.