Fonterra launches a new offer to its farmer suppliers on Thursday, giving them another chance to sell the economic rights to some of their shares.
The offer, open for a fortnight, will allow them to deposit up to a quarter of the shares they hold to match their milk supply, in the Shareholders Fund launched late last year as part of Trading Among Farmers, or TAF.
Farmers who park shares in the fund get the cash value but give up the dividend rights, which are sold to outside investors who buy units in the fund.
There was a limited response from farmers when it opened last year, and Fonterra itself had to provide the bulk of the $525 million funding to start it.
The company will use the deposits from farmers in the latest offer to reduce its stake in the shareholders fund.
The price farmers get will be announced on 16 May. It will be calculated from the average price the units fetch in trading on the Stock Exchange over the next fortnight. On Wednesday the unit price rose 25 cents to $8.06.