Rural round-up

January 19, 2015

Water not just a pipe dream – Tim Fulton:

The latest Canterbury drought is reinforcing a message in farming: irrigation is valuable, stored supply is better and an alpine water source is best of all. TIM FULTON reports.

When the norwesters keep blowing rain on the Southern Alps and drying out the plains, even irrigators with the most advanced water networks can feel anxious.

Farmer shareholders on the $115 million Rangitata South irrigation scheme are facing tight storage conditions, even though they have access to periodic floodwater.

The network has been “just squeaking along with a rain here, a little fresh there” since it started supplying last spring, chairman Ian Morten says.

More water cannot be delivered from the main pond to farms on the scheme until the Rangitata River flows at 110 cubic metres. . .

Drought fears grow as dry spell continues:

Primary Industries Minister Nathan Guy is expected to visit the parched South Canterbury area in the next few weeks as concern mounts that it and some other regions may be heading for a serious drought.

The Ministry for Primary Industries is monitoring the conditions in South Canterbury, as well as North Otago, Wairarapa and southern Hawke’s Bay.

MPI director of resource policy David Wansbrough said it had been talking with farmers and rural support trusts on a weekly basis.

However, he said farmers and communities appeared to be coping so far and the Government was not planning to step in with any support measures at this stage. . .

Drought!!!? – Gravedodger:

Drought is widely regarded in agricultural terms as a prolonged period of low rainfall when pastures and crops become seriously degraded by dehydration.

Yes last spring was one of low precipitation in many districts and having traveled the East coast from North Otago to The Bay of Plenty in the last 50 days there are now pockets with fodder insufficiency from “The Dry” but drought it aint.

Large Parts of Australia have been in that situation for several years and many rural properties are in a savage drought. With livestock having lost a serious degree of body weight, water supplies gone burger and absolutely zero opportunity to remove stock as buyers do not exist, increasing numbers of Aussie Farmers are taking their lives as despair overcomes their will to continue. . .

Big dry affects dairy production – Dene Mackenzie:

Dairy production is likely to slow below previous forecasts as parts of Canterbury and Otago dry off and water restrictions kick in, ASB rural economist Nathan Penny says.

”As we get further into the New Zealand summer, attention is turning to agricultural production. In the case of dairy, production has been good to date this season – albeit uneven across the regions.” . . .

Storage gives power to farmers – William C. Bailey:

United States corn and soybean farmers have a clear understanding that bad markets and low prices will reverse themselves to good times, just as good times will, eventually, fade into bad times.

The challenge, when these high or low points appear, is to prepare for the phase that will follow.

US corn and soybean farmers have enjoyed, over the past three to five seasons, really, really good prices. . .

 Sheep help drive tribe’s farm performance:

Ngati Porou has turned around its farming fortunes, reporting a surplus of $324,000 in its last financial year.

The figure compares to the previous period’s deficit of $1.46 million.

The Tairawhiti tribe said performance of its sheep division had improved, with sheep values and prices increasing.

Ngati Porou also said its lamb crop nearly doubled over two years, reaching 12,224 last year. . .

Rural gig good for peace-lovers – Steve Wyn-Harris:

Possibly every generation throughout history reckons things are getting worse and we are all going to hell in a hand basket.

That’s a little how I’m feeling at the moment.

However, there are great things happening here at the beginning of the 21st century which we should be grateful for.

For much of the world’s population improved healthcare and better food have led to the longest life expectancy humans have ever experienced. . .

 


Rural round-up

December 14, 2014

Sweet success for bee team:

A group of Whangarei high school students has won the top award in the Enterprising Primary Industries Career challenge on how to attract young people into working with bees.

The competition requires students to identify different careers within the primary industry sector and market them to their peers.

Primary Industries Minister Nathan Guy presented the Year 10 students from Huanui College the award for their entry ‘Bee in the Scene’. . .

Designer genes on show:

Designer genes will be the focus of a field day in Central Otago today for fine wool growers on the hunt to find the perfect fit.

The event is organised by the New Zealand Merino Company.

Production science manager Mark Ferguson said as well as animal health and forage being discussed, 40 groups of sheep would be on show in Cromwell to highlight genetic differences. . .

Fonterra Shareholders Council gives nod ‘with caveats’ to new milk supply plan - Fiona Rotherham:

(BusinessDesk) – The Fonterra Shareholders Council is “broadly supportive” of plans for the cooperative to start sourcing milk from South Island suppliers who are not also shareholders, with a couple of caveats.

Fonterra Cooperative Group, the world’s largest dairy exporter, yesterday announced a new milk sourcing subsidiary, mymilk, which would try to get milk in the Canterbury, Otago, and Southland regions where competition for milk supply is most intense from new suppliers on contracts on up to five years without the obligation to purchase shares. The feedback, particularly from new farmers who have recently spent a large amount of money converting farms to dairy, is that they can’t currently afford to now buy shares in the cooperative but would do so at a later date. . .

 

Who owns the rain? - Gravedodger:

Well apparently in Oregon State of the US, not the land owner whose land it falls on.

Gary Harrington 64, owns 170 acres and has constructed three ponds that accumulate and store around three million liters of snow melt and rain runoff. One of the ponds has been stocked with large mouth bass and the whole resource is available for fire fighting.
My understanding is Harrington did not dam waterways in his water conservation scheme.
Poor old Gary is or has recently spent 30 days in the clink for continuing his storage of water falling on his acreage.
Fonterra Shareholders Council gives nod ‘with caveats’ to new milk supply plan
What  in Oregon State has done, is common across NZ farmland where stock water is a restraint on production. There are countless Dams across NZ pastoral lands and the most efficient and longer lasting are built to collect rainfall from very small catchments and not from damming waterways. . .

CRV Ambreed opens new bovine semen production and distribution facility:

Primary Industries Minister Hon. Nathan Guy officially opened CRV Ambreed’s new world-class domestic and export-approved bovine semen production and logistics centre today.

The CRV Bellevue Production and Logistics Centre, based on the outskirts of Hamilton, is a purpose-built facility which future-proofs the company with additional capacity to meet the market’s growing demand for its bovine semen products.

The Centre houses a semen collection facility, a semen processing laboratory, storage space for export and domestic products, a warehouse with farmer AI banks, and 38 hectares of grazing paddocks. . .

 

Leading farm automation businesses to merge:

LIC is merging its farm automation and milking sensor businesses to deliver more integrated technology and meet demand from farmers.

The co-op’s Protrack business will transfer into subsidiary Dairy Automation Limited (DAL) in 2015.

LIC chief executive Wayne McNee said the move follows the co-op’s acquisition of DAL in February, and a lot of discussion between both businesses on how they would work together as one.

“Since the acquisition of DAL we have witnessed a number of key market developments that we will be better placed to leverage as one entity. . . .


Back to failed policies of the 70s

March 20, 2014

Labour leader David Cunliffe made an announcement of forestry yesterday which would take us back to the failed policies of the 70s:

The Labour Party’s desire to turn the clock back to the 1970s is once again highlighted with their grab-bag of ideas for the forestry industry, says Economic Development Minister Steven Joyce.

“Subsidised loans, expensive tax concessions, preferential treatment, and make-work schemes for young people are all a flashback to a time when governments decided which industries succeeded based solely on political whim rather than competitiveness,” Mr Joyce says.

“This is classic 70s ‘government knows best’ interventionism and we all know how badly that ended.  What next, supplementary minimum prices for wood?

“Why should the forestry industry receive preferential treatment over the high tech manufacturing industry, ICT, the services industries, the construction industry or the farming industry? Or is it Labour’s plan to provide subsidies for everyone so we can subsidise our way to success?

“About the only thing they have got right is suggesting a focus on innovation. However it’s like they have been asleep since 2008 and now woken up ‘Rip van Winkle’ like to say we should do some innovation.
 
“While Labour has been asleep this Government has massively lifted its investment in innovation and helped grow private sector R & D across the economy by 23 per cent in just two years. Total government funding since 2010 for forestry-related science, research and product development alone amounts to over $160 million.

“The only sensible way to run a modern successful economy is to provide a strong macroeconomic base, supported by polices that lift the competitiveness of all firms. Our comprehensive Business Growth Agenda, which Labour has still not bothered itself to read, systematically improves access to markets, innovation, natural resources, capital, skills, and infrastructure.

“The results of our policies so far are reflected in strong growth, lowering unemployment, a much improved trade balance, stronger productivity growth, and real wages rising faster than the cost of living. Turning the clock back to the 70s is an amazingly out-of-touch response to some of the strongest economic data New Zealand has produced in many years.

“New Zealanders know they are just starting to see the positive results of five years of sensible modern economic policies and hard work by New Zealand companies. Turning the clock back 40 years would send New Zealand back to the bad old days of sluggish performance, high current account deficits, low productivity, and high inflation that the Labour Party knows so well.”

Acting Prime Minister Bill English highlighted the flaws in the policy too:

Hon David Cunliffe: In relation to the economics of forestry, is he comfortable that the rate of unprocessed log exports has grown at 10 times the rate of processed logs, given that the export of raw logs is really exporting jobs?

Hon BILL ENGLISH: I would need to check the member’s figures, but he may also be interested to know that around 60 percent of all forestry production is currently value-added. It may well be that in the light of a rise in prices for export logs there are more logs being exported, but anyone who has been in the industry knows that those prices can drop as fast as they rise. I am sure that there are many people in the forestry industry taking a longer view and keeping that in mind. . .

Hon Dr Nick Smith: My question is to the Prime Minister and it asks what reports has he received on the recent developments in forest processing in Tasmania, where its Labour-Green Government has fallen apart over the very issues of forest processing and where there has been a huge loss of jobs and confidence in that sector because the—

Mr SPEAKER: Order! You have made the point with your question.

Hon BILL ENGLISH: I have received the same—[Interruption]

Mr SPEAKER: The question was what reports has he received.

Hon BILL ENGLISH: The Deputy Prime Minister and the Prime Minister have received the same reports, obviously, which have been to the effect that the Government in Tasmania has overseen the destruction of the forestry industry by trying to get involved in it.

Hon David Cunliffe: Would the Prime Minister support an accelerated depreciation tax including for forestry processing?

Hon BILL ENGLISH: No, we are not entertaining that. Those kinds of policies were tried consistently, I think, from the 1970s when they were a bright idea, and they lead to unsustainable industries and unsustainable jobs as a whole lot of Australian workers are now finding out, where industries that were subsidised by the Government there are now closing down. . .

Hon David Cunliffe: Does the Prime Minister support a pro-wood Government procurement strategy to assist jobs and value added in New Zealand, including in those South Otago sawmills; if not, why not?

Hon BILL ENGLISH: No. The member should have more confidence in the forestry industry. It has evolved from the time in the late 1980s when sawmillers used to be able to get very cheap logs from Government-owned forests through to a modern processing industry that is internationally competitive and makes very sophisticated decisions about the balance of financial risk, different types of product, and exchange rate and price risk in export markets. The idea that Labour would do a better job of that is wrong, and it would end up destroying the forestry industry if it gets that involved in it. . . 

Criticism of the policy isn’t confined to parliament:

Labour’s “pro-wood” government procurement strategy will create an inappropriate commercial advantage for one construction sector over another, according to the New Zealand cement and concrete industries.

Announced today by David Cunliffe at the ForestWood conference in Wellington, the policy would mandate that “all government-funded project proposals for new buildings up to four storeys high shall require a build-in-wood option at the initial concept / request-for-proposals stage (with indicative sketches and price estimates).”

Rob Gaimster, CEO of the Cement & Concrete Association of New Zealand (CCANZ), believes that policies which appear to be giving preferential treatment to one construction material are misguided.

“It is inappropriate to mandate that those designing new government buildings consider wood as a structural option, and then require an explanation if an alternative material is chosen,” says Mr Gaimster.

“Government should not be picking winners when it comes to the selection of construction materials, which should stand or fall on their own technical, cost, aesthetic and sustainability credentials.

“In addition, the policy does a huge dis-service to the hardworking men and women in the cement and concrete industries. Favouring a single construction material during the design phase of a new government building could seriously impact on their livelihoods and jobs.

“This policy does not create a level playing field for the use of construction materials in government buildings. In fact, materials other than wood will be considerably disadvantaged.

“We are concerned about the wide-reaching implications of this policy and believe it should in no circumstances be adopted.”

Labour’s policy is designed to help one sector but would hurt another.

Gravedodger illustrates other shortcomings in the policy.


Rural round-up

February 27, 2014

Very, very sad and entirely unnecessary – Gravedodger:

Last night on Sky News 10pm nz summer time, a scheduled regular Wednesday Hour featuring resident lefty Graeme ‘Richo’ Richardson and radio jock Alan Jones, Wallaby coach in a previous life, had a harrowing expose on the Bush and its current Drought that has been running over parts of all mainland States for 18 months and continuing.

5000 cattle are dying every day, a grazier/farmer is taking their own life every 4 days, one grazier attempted to sell his last 500 sheep only to be told they were valueless and a sale impossible. He took them back home killed them then took his own life.

Australia is regarded by many, far too many, as too marginal for farming over most of the mainland.
A few salient facts;
Australia currently employs only 6% of the water that reaches the sea.
Immeasurable giga liters are allowed to flow into the Timor  and Coral Seas.
Much water flows from the great divide East while the Bush lies parched to the west.
The town of Cloncurry near Mt Isa was threatened with evacuation until a few weeks respite came in rain that did not solve the problem long term. . . .

5000-10,000 cattle dying in north every day: Katter:

North Queensland MP Bob Katter says anecdotal reports suggest that drought is causing the deaths of between 5000 to 10,000 cattle every day across the state’s north, an area which is home to about one quarter of the national cattle herd.

The Federal member for Kennedy and leader of the Katter Australia Party says $100m in grants, the creation of an Australian Reconstruction and Development Bank and better access for graziers to underground water for irrigation are urgently needed to avert further losses and a dramatic reduction in the region’s future productive capacity.

With producers now enduring their second failed wet season in a row and affordable drought fodder all but impossible to source, many cattle were now dying cruel deaths from starvation, and reports of rural suicides were becoming increasingly prevalent. . .

Mendip fulfilling reverend’s dream - Tim Fulton:

The Reverend Dr Bryden Black is a priest and a businessman. Tim Fulton talks to the vicar about his love for Mendip Hills Station, site of a proposed cadet school.

Mendip Hills Station is being taken by the scruff of the neck, just as the Black family has long hoped.

Bryden Black is keen for his sheep, beef and deer farm near Cheviot to stir young farmers.

His family has been at Mendip since the mid-1950s, either running it directly or under a manager. . .

Family farms are under threat – Stephen Bell:

Family farms will continue to excel as part of New Zealand’s rural landscape, agricultural communicator of the year Doug Avery says.

Passion would keep individual farmers on the land, the Marlborough drylands farmer said.

“You can’t replace passion in anything and people that are working for themselves, with their own vision, have that element that is called passion, which will lead and beat pretty much anything else that corporate structures will throw at us,” he said. . . .

Sheep and beef farmers to vote on genetics investment proposal:

New Zealand sheep and beef farmers are being asked to consider a proposal that would combine Beef + Lamb New Zealand’s current genetics investments and speed up genetic advances.

Beef + Lamb New Zealand Chief Executive, Dr Scott Champion said voting packs were out with farmers now and they were being asked to support the organisation’s continued investment of $2.9 million a year, for the next five years.

“This would be matched by the Government which has already said it will invest $3 million a year if the proposal is supported by farmers,” Dr Champion said. . .

Should agribusinesses fix their interest rates?:

Recent low interest rates have encouraged some agribusiness owners to fix their rates, but that can be a mistake, says Hayden Dillon, Managing Principal, Waikato, for Crowe Horwath. Constantly changing market conditions mean it is crucial for interest-rate hedging to be treated as part of an ongoing strategy.

“Hedging is not a single event,” said Mr Dillon. “Very few businesses remain stagnant and the market never remains stagnant. Having an understanding of the impact of likely significant changes in your business is critical to being successful. And having a clear strategy around exactly what you’re trying to achieve is the first and most important step.”

Because there are a number of often complex financial instruments available, Mr Dillon recommended managing interest rate hedging through an independent advisor who specialised in the field, rather than a banker or accountant. . .


Monorail decision a tough one

October 31, 2013

Conservation Minister Nick Smith faces a tough decision over whether or not the Fiordland Monorail goes ahead:

Conservation Minister Dr Nick Smith today inspected the site of the proposed Fiordland monorail, met with the applicants, and released official advice recommending he approve the project subject to extensive conditions.

“This ambitious $200 million project involves the building of the world’s longest monorail to enhance the experience of the hundreds of thousands of visitors travelling between Queenstown and Milford Sound,” Dr Smith says.

“I wanted to see for myself the areas affected by the construction of the two terminals and the 29.5-kilometre long, six-metre wide corridor that would be cleared to make way for the monorail through public conservation land. I also wanted to thoroughly scrutinise the impacts on the Snowdon Forest and its wildlife, as well as understanding the effects on the existing recreational users of the area.

“This monorail decision will be no easier than that of the Milford Tunnel. I am very protective of National Parks like Fiordland and this project has the advantage of being largely outside it. However, the monorail still requires clearance of a large area of forest on public conservation land. The submissions process also shows there are strongly held views both in support and in opposition to this project.

“I am releasing the official reports from DOC and the Hearing Commissioner because of the level of public interest in this proposal. I want to be open about the advice I have received and the issues I must consider.

“Today I have inspected the site and met with the Hearing Commissioner and the applicants, Riverstone Holdings Limited. I also want to discuss the proposal with the New Zealand Conservation Authority and consider further advice from DOC on the World Heritage status of the area.

“Over the next few days I will be joining the 125th anniversary walk of the Milford Track and on Saturday opening the new track to the Sutherland Falls.

“I am looking forward to having some time to reflect on my site visit and the hundreds of pages of submissions and advice I have read over the past week. I hope to be in a position to make a decision before year’s end, subject to being satisfied that I have all necessary information needed to make a good decision.”

The Minister turned down a competing proposal for the Milford Dart tunnel.

“I am declining this tunnel proposal because the environmental impacts are significant and beyond what is appropriate in two of New Zealand’s most spectacular National Parks and a World Heritage Area,” Dr Smith says. . . .

The Monorail proposal is not nearly so clear cut.

It goes through conservation land but it doesn’t go through a National Park. The Hearings Commissioner and the Department of Conservation have recommended it goes ahead.

Those recommendations have not been made lightly and are subject to significant conditions, but will give RHL some hope.

Opposition has been vocal and widespread. However, a poll showed public support for the proposal:

A public opinion poll has this month confirmed more than twice as many New Zealanders support the development of tourism infrastructure like the Fiordland monorail than are opposed.

“The Fiordland Link Experience is designed to be a world-class tourism experience. It’s really encouraging that the public recognises the significant benefits it will bring to New Zealand despite some misinformation spread by a small group of vocal opponents,” says Bob Robertson, Director of Riverstone Holdings Ltd.

The Curia Market Research survey found that 58% of New Zealanders supported the development of the monorail outside of National Park land. Only 27% opposed it. When broken down, the results showed there was more support than opposition regardless of gender, age or political leanings. . . 

Robertson has a reputation for carefully and attractively developed urban subdivisions.

Housing developments in town can’t be compared to this proposal for a new tourist route to Milford Sound through mostly undeveloped countryside. But the attention to detail and focus on aesthetics which help the subdivisions fit in with the landscape will be applied to the Monorail project.

Opponents have used the argument the development would threaten Fiordland’s World Heritage status. Robertson describes  that as scaremongering:

. . . These same opponents have lobbied UNESCO and continue to tell anyone who will listen that the Te Wahipounamu World Heritage status of the region will be stripped if the project is approved. The World Heritage area covers 2.6m hectares and includes roads, towns and quarries.

This scaremongering would be laughable if it wasn’t so destructive.

We only need to look across the Tasman to see how a tourism development can be successfully achieved in a World Heritage area.

When the Cairns Skyrail was being proposed for the Barron Gorge National Park in the 1990s there were marches in the street and protesters attempted to block construction.

The same arguments we are seeing now in Fiordland are the carbon copy of those used in Cairns.

Fortunately, the Australian government understood the project and it was approved.

It went on to win multiple tourism awards as best major attraction and for environmental sustainability, including the international Wet Tropics Management Authority Cassowary Award in 1999 for “demonstrating best practice in ecotourism during construction and ongoing operation”.

In New Zealand, there is an elitist sentiment among some that we should lock up our conservation estate for the few who are capable of physically reaching it. They believe business has no place in nature.

In reality, 44 per cent of the South Island is in the conservation estate and hosts about 2800 commercial concessions, including roughly 500 that are tourism or recreation-related.

It isn’t a question of either business or conservation. They can and do co- exist.

We would not be committed to the Fiordland Link Experience if we did not believe the construction and operation could be achieved with only minimal impact on the environment and recreational users.

The reasoning is simple – we want to celebrate our nature and show it off. It is in our interests to protect nature, because that’s the experience we’re selling.

As a hunter and fisher who has spent thousands of hours in the surrounding area, I know there is room for a world- class tourism experience.

It will reinvigorate the tourism market in Fiordland, stimulate the economy, bring jobs and enable us to market the entire region, including Te Anau, to the world. All without a cent of taxpayer money. . . .

This is a big project, a bold project but it has been carefully thought through and planned to tread as lightly as possible in a sensitive area.

It will impact on the environment, as any development does, but I think that can be minimised and mitigated.

It will open a small part of the conservation estate to more tourists without in any way detracting from the wilderness experience for those who enjoy it in the neighbouring National Park.

Bob Robertson has a dream, the Minister has the unenviable task of deciding whether or not it will become a reality.

Apropos of dreams,  Gravedodger has one too over at No Minister which is worth a read.

P.S. The decision to make New Zealand’s Sharpest town, the Southern Hemisphere’s first #gigatown is far easier – #gigatownoamaru is the logical choice.


2012 in review

January 1, 2013

The WordPress.com stats helper monkeys prepared a 2012 annual report for this blog.

Here’s an excerpt:

About 55,000 tourists visit Liechtenstein every year. This blog was viewed about 300,000 times in 2012. If it were Liechtenstein, it would take about 5 years for that many people to see it. Your blog had more visits than a small country in Europe!

The top referring sites were:

  1. nominister.blogspot.co.nz
  2. kiwiblog.co.nz
  3. nzconservative.blogspot.co.nz
  4. keepingstock.blogspot.co.nz
  5. asianinvasion2006.blogspot.co.nz (Cactus Kate)

The post which got the most comments (51) was water quality concern for all.

The people who made the most comments were:

Robert Guyton # 1 and # 5 is the same person, I think he gets two spots because some comments are linked to his blog and others aren’t.

Thank you all for visiting, those who link and hat tip from their blogs and those who join the conversation.

I appreciate your comments, whether or not I agree with them. A conversation among several is far more interesting than a one-woman diatribe.

I especially appreciate that almost everyone debates the topic and critiques arguments rather than resorting to personal criticism.

I think I had to delete only one comment last year and only rarely had to take a deep breath.

And thanks to WordPress for the blogging platform and excellent service on the very rare occasions I’ve needed help.

Click here to see the complete report.


Rural round-up

November 6, 2012

Times they are achanging – Gravedodger:

As a child in the 1950s, the Amuri Basin on the northern border of Canterbury  was often almost a desert due to low rainfall, NW winds and soaring summer temperatures, as was the case for much of the east coast of both islands.

The “Red Post”, just north of Culverden Village (which incidentally often rates a mention as a summer hot spot on evening infotainment shows), was in an area of pastoral grazing country that struggled to sustain one sheep to an acre.
Today it stands in a sea of green grass and productive farming that makes my memory seem improbable. . .

Our agriculture’s much more than the sum of its parts – Pasture Harmonies:

Too much, arguably all the time, we look at all the individual components of our farm production systems……and beat ourselves up about them.

We could use less fertiliser, our use of water isn’t that optimal at times, occasionally there’s animal welfare issues, and as for degradation of waterways……

And that’s just on-farm. . .

 

Optimistic signs for coming season’s red meat trade - Allan Barber:

After some harrowing experiences last season for the meat industry, both processors and farmers, 12 months on things are looking up. This sense of optimism hasn’t yet been reflected in prices from the meat companies, but statements from those in the know strike a perceptibly more positive note.

Last year the lamb kill was down by a million, there was drought in significant livestock areas, the dollar was too high and so was the procurement price for lamb. While beef remained relatively unaffected by the hype, the price really not changing much in a year, sheep meat was a completely different story. Driven by the unholy combination of scarcity and tight shipping deadlines for the Christmas trade, the procurement price hit $8 a kilo and struggled to get down from that level. . .

Trading Among Farmers reality at last – Allan Barber:

The day when outside investors can apply for units in the Fonterra Shareholders Fund to be listed on the NZX and ASX has arrived at last. Getting to this point has been a long and tortuous process during which Fonterra has consulted its members, finally gaining the required majority vote in favour of establishing Trading Among Farmers (TAF).

TAF will enable those Fonterra’s shareholders that wish to free up some capital to deposit shares in the fund, provided they retain enough shares to match their milk supply. These shares can either be bought by other shareholders who would like to increase their shareholding or exchanged for the units with rights to dividends and share price value changes.


Follow

Get every new post delivered to your Inbox.

Join 1,548 other followers

%d bloggers like this: