Fonterra's Trading Among Farmers (TAF) share trading scheme received its final, albeit retrospective, seal of approval at the annual meeting yesterday.
When TAF was put to shareholders at a meeting in June, the first resolution, which required a simple majority, received 66.45 per cent support. The second part - for constitutional changes to Fonterra - needed 75 per cent support but achieved just 72.8 per cent.
The Fonterra board decided to plough ahead with TAF anyway, seeking to enshrine the change at yesterday's meeting. As it turned out, the second part of the vote received an almost ringing endorsement, with 89.5 per cent support.
Units in the fund, which give investors access to Fonterra's dividend flow but do not confer voting rights, have been a phenomenal success since their debut on November 30.
At yesterday's traded price of $7.01, the units were at a 27.45 per cent premium to their $5.50 per unit issue price.