The offer deadline is Friday, but as of late last week just 15% of the co-operative's approximately 8000 eligible shareholders had responded.
Of that 15%, 60% had taken up the cash issue entitlement.
Silver Fern Farms (SFF) chief executive Keith Cooper said many rebate shareholders were in the middle of lambing which was diverting their attention from paperwork, but he expected interest to increase this week.
He said it was too early to say how much fresh capital would be raised, but company executives had earlier said they hoped for $80 million.
Reminder notices had been sent out which should increase activity.
Mr Cooper said the response at this stage was consistent with voting turnouts for SFF's July shareholder meeting, which changed the constitution and paved the way for the capital restructuring, and Meat and Wool New Zealand's recent levy referendum.
Under the offer, shareholders can change rebate and supplier investment shares for a new class of ordinary shares.
Those who take up the offer are eligible for a cash issue of two new $1 ordinary shares for each share held, with the subscription price paid up front or over three years.
Farmers can elect to sell those shares to other farmers or to any investor on the unlisted trading exchange, but 60% of voting shares would remain with farmer shareholders.
The money was to be used to repay debt, install new technology in meat works, roll out its integrated plate-to-pasture marketing model which linked consumer requirements with farmer supply, and the launch of its new consumer meat packs.
Mr Cooper said there was no immediate need for the cash but it would expedite those investments.
Farmers were positive about the changes, particularly North Island shareholders who saw it as consolidating two types of shares in to one, he said.
"It's appeased many suppliers' views that all the benefits were not limited only to rebate suppliers.
They're prepared to invest provided it is not a narrow window of benefit for rebate shareholders only."
The changes would also give the co-op flexibility just like any other corporate, while removing share redemption risk, he said.
