The meat co-operative, Silver Fern Farms (SFF), has raised provisional $21 million capital from the shareholders by issuing new shares. The amount is based on initial count of subscription, and the final amount raised will be available after processing remaining applications.

Eoin Garden, the Chairman of Silver Fern Farms, said that the company has sufficient liquidity with it and there is no need of surplus funds at this moment. He added: "While the level of capital investment was on the lower end of expectation, this can be attributed to the previous three years' low returns and farmers' current focus on debt reduction versus investment."

The right offer is a part of the company's strategy to allow its farmer-suppliers to exchange their 57.5 million rebate and investment shares for new stocks. Holders of 38.8 million shares, representing 67.5% of the 57.5 million shares on offer, so far participated in the offer which is set to close today. The offer would provide an unutilized platform for new ordinary shares received by farmer-suppliers after exchange of stocks.

Farmers can also sell their stocks on Unlisted Exchange after their listing from October 27.