Fonterra unveils divestment plan
Fonterra is exploring full or partial divestment options for its global Consumer business, as well as its integrated businesses Fonterra Oceania and Fonterra Sri Lanka.
Fonterra is teaming up with wealth app provider Sharesies to make it easier for its farmer shareholders to trade co-op shares among themselves.
The co-operative says the current trading platform technology for Fonterra shares has been in place since 2012 and the existing vendor agreement is due to expire shortly. This presented an opportunity for Fonterra to review and enhance the trading experience for Fonterra farmers.
In partnering with Sharesies, from mid-2024, the following new features will be on offer:
Fonterra’s acting chief financial officer Simon Till says the collaboration with Sharesies will deliver a number of benefits to make trading shares easier.
“Sharesies is in the final stages of completing a tailored and exclusive space for our shareholders that’s more intuitive and accessible for managing their investment in the Co-operative.
“We believe it will offer Fonterra farmers an improved trading experience and new features that will support liquidity under our Flexible Shareholding capital structure that was introduced last year,” says Till.
Sharesies co-founder and co-CEOLeighton Roberts says it’s a privilege to be trusted by New Zealand’s largest company to create a user-friendly mobile-first experience that gives farmers more oversight and interaction with their shares.
“From the beginning we were keen to understand and solve the challenges and roadblocks facing farmers when managing their investments,” says Roberts.
To date, only the Fonterra Shareholders’ Fund (FSF) units traded on the NZX have been available on the Sharesies platform. The units in the Fund represent 6.7% of the Fonterra shares on issue.
Under Fonterra’s Flexible Shareholding capital structure, units in the Fund (FSF) are held by a mix of farmers, retail investors, private wealth and institutions. Fonterra shares (FCG) can only be held by current or former supplying farmers, sharemilkers, contract milkers or farm lessors. Former suppliers can also transfer Fonterra shares to their relatives or related parties.
Further details about this new partnership and the timing for the transition will be provided in the coming weeks.
South Waikato farm manager Ben Purua’s amazing transformation from gang life to milking cows was rewarded with the Ahuwhenua Young Maori Farmer award last night.
Bankers have been making record profits in the last few years, but those aren’t the only records they’ve been breaking, says Federated Farmers vice president Richard McIntyre.
The 2023-24 season has been a roller coaster ride for Waikato dairy farmers, according to Federated Farmers dairy section chair, Mathew Zonderop.
Ministry for Primary Industries (MPI) director general Ray Smith says job cuts announced this morning will not impact the way the Ministry is organised or merge business units.
Scales Corporation is acquiring a number of orchard assets from Bostock Group.
Family and solidarity shone through at the 75 years of Ferdon sale in Otorohanga last month.
OPINION: This old mutt well remembers the wailing, whining and gnashing of teeth by former West Coast MP and Labour…
OPINION: Your canine crusader gets a little fed up with the some in media, union hacks, opposition politicians and hard-core…