Survey shows most Fonterra farmers plan to use capital return for debt reduction
A large slice of the $3.2 billion proposed capital return for Fonterra farmer shareholders could end up with the banks.
"If you intend to appoint a proxy or vote by post, then you really need to get your forms back in the freepost envelope," says Willy Leferink, Federated Farmers Dairy chairperson.
"Farmer-shareholders need to be mindful how close voting cut-offs are right now.
"Anyone intending to vote by internet or by fax needs to have it lodged by 10.30am, this Saturday, June 23.
"For postal votes or proxy appointments, these need to be physically received by 10.30am on Saturday, 23 June as well.
"Failing that, the only other way to vote is at one of eight physical venues on Monday, June 25 at 10.30am. Details of these venues are included below.
"Farmers need to remember they own Fonterra. Whatever the result of the vote, it is for the board and management to respect what we determine as shareholders.
"Right now there are too many people offering advice for or against TAF or even asking farmers to vote in line with a province. That is really unhelpful. I have voted but which way is completely irrelevant because this is an individual decision for the coop's owners.
"So forget the parochialism and the lobbying and think about your philosophy and how that sits with your vision of Fonterra's future. Your instinctive reaction is probably the most honest one to go with.
"Any intervention in shareholder decision-making only invites shareholders to seek a greater say in future board or management decisions. This is not a good model for future governance.
"I am deeply concerned that any solution to redemption risk won't stick if we just end up dividing the coop. The best way to prevent that is for us owners to front up and vote," Leferink says.
Venues for special AGM, 10.30am, Monday, June 25:
Whangarei: Forum North, Rust Ave, Whangarei
Rotorua: Novotel Hotel, 11 Tutanekai St, Rotorua
Hawera: TSB Hub, Waihi Rd, Hawera
Palmerston North: Awapuni Racecourse, Racecourse Rd, Palmerston North
Nelson: Petite Fleur at Seifried Estate, cnr SH60 & Redwood Rd, Appleby,
Richmond
Ashburton: Ashburton Hotel, 11-35 Racecourse Rd, Ashburton
Invercargill: Ascot Park Hotel, cnr Tay St & Racecourse Rd, Invercargill
