Silver Fern Farms appears to have gained $21 million in its capital raising.
The farmer co-operative - previously known as PPCS - extended its offer in September by three weeks after only $12m was raised from 37 percent of its farmer shareholders participated.
Today, the company said a total of 5068 shareholders, holding 38.8m, shares took up the exchange offer, to subscribe to a further 21m shares.
They represented 67.5 percent of the eligible 57.5m shares.
Company chairman Eoin Garden - who had previously admitted subscriptions were "at the low end of what we envisaged" - said today there was no specific level for success or failure.
"While the level of capital investment was on the lower end of expectation, this can be attributed to the previous three years' low returns and farmers' current focus on debt reduction versus investment," he said.
The company was not labelling the subscription level a success or failure because it had no immediate cash requirements.
The offer announced in July included deferred payment terms for shares, when it said shareholders could exchange their rebate and supplier investment shares for new ordinary shares at the ratio of one-for-one, and get a cash issue of two ordinary shares per ordinary share held at a price of $1 a share.
Shareholders could also buy ordinary shares beyond their entitlement at $1 a share, and would receive one bonus ordinary share for every four shares held. The cooperative breached its minimum shareholders' funds covenant and asked its bankers for a waiver last December.
It has also been dealing with the aftermath of a failed merger with PGG Wrightson that would have injected $200m, some of which would have been used for debt repayment, and some for productivity improvements such as automating parts of meatworks.
Mr Garden said the restructuring was not just about raising capital, but included measures to lower redemption risk, changing the governance structure of the company away from ward representation, and providing flexibility to raise capital if required in the future.
Shareholders who took up the offer will be issued their ordinary shares on October 22.
Mr Garden said application forms would be accepted until October 16.
The new Silver Fern Farms (SFF) ordinary shares will start trading on the Unlisted Exchange from October 27.
