Two-thirds of Silver Fern Farm shareholders have taken up the cooperative's share exchange offer after the capital raising period was extended in September because of low uptake.
About $25 million was raised from 67% of Silver Ferns' farmer shareholders.
Chairman Eoin Garden said this was at the lower end of expectations, but there was no success or failure level because there was no immediate need for cash.
The offer reduced the company's redemption risk, he says.
Under a capital restructure announced in July, shareholders could exchange their rebate and supplier investment shares for new ordinary shares on a one-to-one basis.