Farmers Weekly is carrying a yarn about concern about Fonterra.Its an open letter to board members and suppliers from Kevin and Andrea Marsh of Te Puke.
- Their concerns are the retention of Fonterra of 28c of the $7.90 payout.
- Shifting the balance date so there was a longer wait for final seasonal payment in October of the following season.
- Downsizing the forecast with little notice.
- Altering the announced schedules of payments with no increase till July rather than suppliers receiving boosts in November and February
- All of the above factors in another season of dry January and February - with no payouts till July.
And some governance issues make much more interesting reading here as well.
The upshot is that the Marsh's have said that they want to establish if other shareholders feel the same way they do. If they get support from 10 percent of the shareholders then they want to hold an extraordinary general meeting.
A old Southern Jersey Heifer has told Roarprawn that these issues have struck a chord and the good money is on the Marsh's getting the numbers for a meeting.
Watch this space.
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