Fonterra will launch a bonus issue in April that the dairy
processor says will not dilute the value for either
shareholders or unit holders.
Dry weather conditions, particularly in the North Island, in
mid-December and January had resulted in a slowdown in milk
supply growth, Fonterra chief executive Theo Spierings said
Moves by Fonterra and the Ministry of Primary Industries
following the agrichemical scare appear to have largely
assured markets that New Zealand dairy products are safe,
Westpac economist Nathan Penny says.
Fonterra has moved to persuade global customers that New
Zealand dairy products are safe to consume, in the wake of
the discovery of dicyandiamide residue in milk.
Australian-based Morningstar Equities is less enthusiastic
about the prospects of the Fonterra Shareholders Holder Fund
than most of its New Zealand counterparts.
The price of Fonterra's units is expected to rise further
next week when it joins the NZX-50, Craigs Investment
Partners broker Chris Timms says.
Sir Henry van der Heyden has signed off as chairman of dairy
giant Fonterra after a decade in the role.
Retail demand for Fonterra units remains high with the price
of units trading at $7.15 yesterday, which was up from the
$5.50 listing price.
Otago primary school children can expect to receive a free
daily serving of milk next year, as part of a national bid to
become ''the dairy nutrition capital of the world''.
Christmas has come early for Fonterra farmer shareholders
with the dairy giant lifting its 2012-13 season payout
forecast range by 25c to $5.90-$6.
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