Fonterra, Sharesies join to make share trading easier
Fonterra is teaming up with wealth app provider Sharesies to make it easier for its farmer shareholders to trade co-op shares among themselves.
Fonterra’s strong half-year results will bring little joy to investors: the co-op isn’t paying out an interim dividend.
Fonterra chairman John Monaghan says the board has decided not to declare an interim dividend as uncertainty swirls over Covid-19.
“After considering the current uncertainty of the impact Covid-19 could have on earnings in the second half of the year, the board has elected to not pay an interim dividend.
“At the end of the financial year the Board will reassess the co-op’s financial position and review the decision to pay a dividend.”
Investors in Fonterra units received no dividends in 2019 and only 10c/share in 2018.
While no interim dividend was declared, the co-op’s reaffirming the forecast farmgate milk price range of $7-$7.60/kgMS and forecast normalised earnings guidance of 15-25 cents per share.
Hurrell says the co-op’s underlying earnings are tracking well at the half year.
“But there is no doubt that we have a number of risks that are outside our control in the second half – in particular, the potential impact of COVID-19 on global demand, geo-political risks in key markets such as Hong Kong and Chile, and ongoing dry weather conditions here in New Zealand which could impact collections and potentially input costs. As a result, we have held our forecast earnings range at 15-25 cents per share.
“As I said a few weeks ago, we have already contracted a high percentage of this year’s milk supply. But our teams know we have to keep our foot on the pedal and navigate very carefully through the challenges we’ll face in the second half.”
A vet is calling for all animals to be vaccinated against a new strain of leptospirosis (lepto) discovered on New Zealand dairy farms in recent years.
Two major red meat sector projects are getting up to a combined $1.7 million in funding from the New Zealand Meat Board (NZMB).
Angus Barr and Tara Dwyer of The Wandle, Lone Star Farms in Strath Taieri have been named the Regional Supreme Winners at the Otago Ballance Farm Environment Awards in Dunedin.
OPINION: The distress that the politicians and bureaucrats are causing to the people of Wairoa and the wider Tairāwhiti is unforgivable.
Dairy
Rural banker Rabobank is partnering with Food Rescue Kitchen on a new TV series which airs this weekend that aims to shine a light on the real and growing issues of food waste, food poverty and social isolation in New Zealand.