The meat co-operative yesterday said it had raised a provisional total of $21 million in new capital from the issue of new shares processed until Thursday, but said the final total would not be known until next week, as final applications made their way through the post.
Silver Fern Farms chairman Eoin Garden said he did not view the exchange offer and rights issue a success or failure, as there was no immediate need for the cash.
"While the level of capital investment was on the lower end of expectation, this can be attributed to the previous three years' low returns and farmers' current focus on debt reduction versus investment," he said.
In meetings before shareholders voted on the constitutional change to allow company restructuring, SFF said it would like to raise $80 million, while in documentation associated with those changes it said between $50 million and $128 million could be raised.
In total, 5068 shareholders holding 38.8 million shares have exchanged their shares for new ordinary shares, which represented 67.5% of the 57.5 million shares on offer.
For farmers choosing to sell their shares on the Unlisted Exchange, they will be listed from October 27.
