Wednesday, 29 March 2017 07:55

Now to pay it back with interest

font size decrease font size increase font size
Print
Email

John Wilson.

Fonterra farmers who borrowed money from the co-op during the last two seasons will soon learn how much interest will be charged from June 1.

The co-op still has $370 million in loans outstanding.

Chairman John Wilson says farmers were told they would have to start paying back the loan once the payout exceeded $6/kgMS; interest will be charged from June 1. He says the co-op will tell them the rate in the coming weeks.

“We will use the strength of the co-op to ensure the interest rate is appropriate.”

Wilson believes the loans were a “good fill-up at the time” for cash-strapped farmers.

Meanwhile directors and management will hold 36 meetings with shareholders this week, to brief farmers on the co-op’s half-year results and the global dairy outlook.

More like this

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.

Co-op eyes Japanese market

Japanese consumers pay a premium for food that contains ingredients that support health.

Fonterra's in good shape

Fonterra released its interim results last month, showing a continuation of the strong earnings performance delivered by the co-op through the 2023 financial year. Here’s what Fonterra chair Peter McBride and chief executive Miles Hurrell said about the results…

China trade

OPINION: Last week's revelation that data relating to New Zealand MPs was stolen amid Chinese state-sponsored cyber espionage targeting two arms of the country’s Parliament could test the long-standing trade relations between the two countries.

Fonterra cashing in on US 'proteinification'

A 'proteinification' wave is sweeping through the US and Fonterra is cashing in with New Zealand made protein.

Featured

Make vets part of your management team

Farmers are being urged to make their veterinarians an integral part of their farm management team.

Removing ban 'a step backwards'

Animal rights organization, SAFE says the government needs to maintain the ban on live exports.

Demand for food support increases

New findings from not-for-profit food supply and distribution organization, the New Zealand Food Network (NZFN) have revealed a 42% increase in demand for food support in 2023 compared to 2022.

Herd production performance soars

New data released by LIC and DairyNZ shows New Zealand dairy farmers have achieved the highest six week in-calf rate and lowest notin- calf rate on record.

Council lifeline for A&P Show

Christchurch City Council and the Canterbury Agricultural and Pastoral Association (CAPA) have signed an agreement which will open more of Canterbury Agricultural Park for public use while helping to provide long-term certainty for the A&P Show.

Rural Advocacy Hub announced for Fieldays

This year’s Fieldays will feature a Rural Advocacy Hub - bringing together various rural organisations who are advocating for farmers and championing their interests as one team, under one roof, for the first time.