Fonterra has announced further details of its on-market share buyback programme (Transitional Buyback), which will commence on 28 March 2023 and is expected to continue until 9 June 2023.
It will replace the current $50 million buyback programme and will be structured in a way that gives the Co-operative capacity to buy back shares throughout the entire 11-week period.
The maximum number of Co-operative Shares that may be acquired is 75 million and those bought back will be cancelled upon acquisition.
Fonterra farmer directors and their associated entities will also now be able to trade Fonterra securities and Units in accordance with Fonterra’s Securities Trading Policy.
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