Business commentator Brian Gaynor is of the viewpoint that dairy co-operative Fonterra requires to get its capital restructure right this time around, following its earlier failure to win farmer-shareholder support last year.

It was in 2007 that Fonterra's initial capital restructuring plans - dividing the co-operative into a supplier-owned co-op and a listed company - began. However, they fell through after Fonterra failed to win the requisite shareholder backing.

As of now, Fonterra is mulling to grow capital and possibly list on the stock exchange.

However, neither Fonterra's board nor farmers are coming out with details about the planned capital restructuring. It is being understood that the proposed capital restructure process will be carried out in up to four stages, and that farmers may cast their first vote at Fonterra's meeting in November.