Silver Fern Farms (SFF) has announced a three-week extension, until October 9, for its share exchange and cash issue offer. The firm has already sold 37 per cent stakes, as per Eoin Garden, the Chairman of meat co-operative. The firm will use the raised funds for reducing debt burden, introducing new supply chain and making investment in new technology.

Mr Garden said that initially the firm was expecting to raise $80 million, but the flood of applications it has received so far may substantially change the figures. He confirmed that 12 million shares had been subscribed by Thursday night.

Silver Fern Farms (SFF) chief executive Keith Cooper said: "That gets shareholders on our new system and means they are engaged in the new capital structure. They gain access to the benefits of that new capital structure and even though they may not be putting money in now, they are in a position to participate in the new capital structure."

SFF shareholders have been given the option to exchange rebate and supplier investment shares under the new scheme. Besides, shareholders can buy more ordinary shares above their share limit. Other farmers and investors are entitled to buy ordinary shares on the unlisted trading exchange.