Chairman of the rural servicing company, Craig Norgate, said banks were on side but equity markets were not yet stable enough to secure the $110 million needed for its required first instalment of the $220 million half share in the Dunedin meat company.
"We are still committed to making it happen in the manner approved by shareholders. It's just not easy at the moment."
He was not sure how long it would take to secure the funding, as that was out of his control. Meanwhile, a group of farmers is appealing to the Securities Commission aspects of last month's vote to merge Silver Fern Farms (SFF) with PGG Wrightson (PGG-W).
Gore farmer Hugh Gardyne has asked the Securities Commission to investigate whether the Dunedin meat co-operative met its disclosure obligations and whether the returning officer acted correctly by advising company directors of those who had not voted so they could be contacted and encouraged to do so.
Mr Gardyne said many SFF shareholders did not receive the final information pack in time to read and consider it before the September 8 vote, which supported forming a partnership with PGG-W.
He also had questions about the role of the returning officer who oversaw shareholder voting.
"It may not be illegal for directors to contact shareholders who hadn't voted, but it brings into question the conduct of the returning officer."
SFF also amended its constitution and Mr Gardyne felt it had not adequately publicised what he said were several pages of amendments.
SFF worked hard to get the necessary 75% support from rebate shareholders, and while Mr Gardyne accepted he could not overturn the vote, he wanted an assurance SFF followed adequate disclosure and due process.
The Commerce Commission has considered his concerns, but decided not to take further action.
SFF chairman Eoin Garden said he respected Mr Gardyne's position, but was convinced the company had done "everything by the book" and the vote had integrity.
"Unfortunately, somebody who was opposed to the project from the start now wishes to pursue this course of action."
Mr Garden reiterated that SFF has the month of October to seal the deal, but added that if it took longer, he would investigate the possibility of extending that deadline.
"We will deal with that and the implications if and when that's required."
The global financial meltdown has prompted New Zealand Farming Systems Uruguay (NZFSU) to delay a capital raising programme for further expansion of its Uruguay farming enterprise and to possibly move into Brazil.
Chairman Keith Smith said the money was not needed to complete the dairy conversion and development of the 36,300ha NZFSU owned in Uruguay.
"Current market conditions, including turmoil in world financial markets and the NZFSU share price, do not support an expansionary capital raising," he said in a statement to the New Zealand Stock Exchange.
NZFSU shares rose on the back of an appreciating share market yesterday, starting the day at $1.09 and closing last night at $1.15.
