Just $5 million of the $22.2 million in new equity raised by Silver Fern Farms (SFF) through its recent rights offer, has been paid up front.
The balance would be paid off by farmers over the next three years from deductions from the supply of prime stock.
Chairman Eoin Garden said he was happy with the final tally of new capital.
He said equally important was the 74% of rebate and supplier investment shares that were eligible to be exchanged, and which were swapped for the new class of ordinary share.
"It takes away the redemption risk and gives us flexibility going forward."
The exchange offer and rights issue attracted 5700 shareholders holding 42.6 million shares which translated to 74% of the 57.5 million shares eligible for exchange being swapped for the new ordinary shares.
The money would be used to retire debt, and while the final tally was less than hoped for, Mr Garden said it would not disrupt capital expenditure plans.
SFF has also benefited from the sale last Friday of 10 million shares in PGG Wrightson for between 73c and 79c.
SFF gained the shares as part of a settlement with the rural servicing company for failing to complete a partnership last year.
Mr Garden said the proceeds of the sale of shares, which were valued on the SFF books at a similar price to which they were sold, would be used to reduce debt.
While targeting $80 million in new cash, three of the past four seasons had been difficult for farmers who were trying to strengthen their own balance sheets.
The board has not discussed whether outside investors would be sought, but Mr Garden said there was no immediate need for a large injection of cash.
He was surprised by how many farmers had sold their replacement ewe lambs in each of the past two years, and as a result they had financial commitments rebuilding the capital in their own business.
The company had banking facilities in place, and Mr Garden said its capital expenditure plans had not been diminished or altered by the smaller amount of capital raised.
"Our capital expenditure programme will be accommodated with the facilities we have."
SFF also has to repay or roll over $75 million in bonds next year, but Mr Garden said the banks were aware of those requirements as part of their financing package.
He said there was widespread support for the capital raising, although not all shareholders could participate, and for the company's new integrated supply chain business model - which linked consumers with farmers to supply the type of product they wanted, when they wanted it - and the launch of branded consumer packs of meat.
But it would require a mindshift for farmers to utilise the change, he said.
"Farmers in this industry are going to need to take a long-term perspective."
