Fonterra recently released further terms and conditions regarding co-operative support payments. As you will be aware Fonterra will lend shareholders $0.50 for each kilogram of milksolids that are supplied in the period from 1 June 2015 to 31 December 2015 and which is backed by shares or counting vouchers held at 30 September 2015.
Counting vouchers means a maximum number of vouchers equal to 25% of your minimum required shareholding for the 2015/16 season. The Loans are linked to production and will be made available on a farm by farm basis (and are not transferable between farms without our written consent).
The Loan will be advanced by monthly instalments paid at the same time as monthly milk payments, as follows:
Counting vouchers means a maximum number of vouchers equal to 25% of your minimum required shareholding for the 2015/16 season. The Loans are linked to production and will be made available on a farm by farm basis (and are not transferable between farms without our written consent).
The Loan will be advanced by monthly instalments paid at the same time as monthly milk payments, as follows:
The Loan will be interest free until 31 May 2017. After 31 May 2017, the Lender may charge interest on the Loan by giving notice that the Loans will bear interest.
The interest will be payable monthly, and may change from month to month to reflect Fonterra's cost of borrowing.
You may elect to repay all or part of the loan at any time.
The interest will be payable monthly, and may change from month to month to reflect Fonterra's cost of borrowing.
You may elect to repay all or part of the loan at any time.
