Fonterra’s share market listing will move to the Main Board of the NZX exchange on Wednesday, January 15.
Since first listing in 2012, Fonterra Co-operative Group (FCG) shares – the milk supply shares – have traded on a special platform hosted by NZX.
The last day of trading on that platform will be Tuesday, January 14.
“At close of business, orders in the order book will be purged and will need to be re-entered,” a memo from NZX operations said.
Trading in FCG shares will continue to be restricted to farmers supplying Fonterra.
There are 1.6 billion issued shares and at the present price of $4.21 the market capitalisation will be $6.7 billion.
When it announced the intention to move the listing, Fonterra said there would be no effect on farmer-shareholders, who would not have to do anything.
At the same time Fonterra Shareholders Fund is to cease trading on the Australian share market, and continue on the NZX market only.
Formal application has been made to the ASX and an in-principle agreement received back.
FSF units number 107.4 million and the market capitalisation is $560 million at the current price of $5.22.
Market analysts say the $1 difference between FSF units and FCG shares is due to the restricted trading of FCG and lower fungibility, or the ease with which farmers can trade.
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