Fonterra farmers gather for landmark vote
Fonterra's farmers are voting today on whether to allow trading of shares in the co-op among themselves.
Fonterra's farmers are voting today on whether to allow trading of shares in the co-op among themselves.
May Wang has upped her payment to creditors in her failed property development company to 6c in the dollar.
Fonterra chief executive Andrew Ferrier says tomorrow's vote on whether to start share-trading among farmers is the most important decision for its farmers since the co-op was created.
May Wang's creditors have "overwhelmingly" voted in favour of a repayment plan that will see them get 2c in the dollar back.
Landcorp, the state owned farming company, says its bid for the Crafar farms will be a "clean bid".
The Chinese-backed firm fronting a bid to purchase the Crafar farms has yet to relodge its application for OIO approval, less than a week before tenders close.
The rural property sector remains stagnant because prices and sales are being dictated by banks, REINZ says.
May Wang's lawyer is confident creditors will accept her proposal to repay them just 2c in the dollar to settle a multi-million dollar debt.
New Zealand's farm and forestry exports are bouncing back in the wake of the global recession, agricultural economists say.
Farmers and those in the rural sector have it tough in New Zealand. The weather so often doesn't want to play ball.