A third of Fonterra's 10,500 shareholders have subscribed for 60 million new shares in the co-operative, providing $271 million in new capital.
Information released by Fonterra yesterday showed 3461 shareholders opted to increase the number of shares they own at an issue price of $4.52 a share, while a further 59 surrendered 1.6 million shares worth $7.3 million.
The share exchange was made possible under capital restructuring moves approved last year, designed to give shareholders greater flexibility in the number of shares they own in proportion to their milk production.
As a result, they can own shares equivalent to between 100% and 120% of their milk production which would be eligible for dividend payments.
Fonterra chairman Sir Henry van der Heyden said he was pleased with the response and the support for the co-operative despite tight farm cashflows.
