FSF
07/08/2014 16:29
SSH
REL: 1629 HRS Fonterra Shareholders' Fund (NS)
SSH: FSF: SSH Notice - FSF Management Company Ltd
Securities Markets (Substantial Security Holders) Regulations 2007
Disclosure of movement of 1% or more in substantial holding or change in
nature of relevant interest or both
Sections 23 and 24, Securities Markets Act 1988
Relevant event being disclosed: Movement of 1% or more in the substantial
holding
Date of relevant event: 6 August 2014
To: NZX Limited
And: Fonterra Co-operative Group Limited ("Fonterra")
Date this disclosure made: 7 August 2014
Date last disclosure made: 30 May 2013
Substantial security holder(s) giving disclosure
Name(s): FSF Management Company Limited ("Manager")
Contact details: Mike Cronin, +64 9 374 9000
[email protected]
Summary of substantial holding to which disclosure relates
Class of listed voting securities: Co-operative shares
Summary for: FSF Management Company Limited
For this disclosure,--
(a) total number held in class: 113,542,226
(b) total in class: 1,597,833,461
(c) total percentage held in class: 7.1060%
For last disclosure,--
(a) total number held in class: 100,834,498
(b) total in class: 1,657,807,062
(c) total percentage held in class: 6.0824%
Details of transactions and events giving rise to relevant event
Details of the transactions or other events requiring disclosure under the
instructions to this form:
(a) the date of the transaction or event: 30 May 2013 - 6 August 2014
(b) the nature of the transaction or event: Transfer of additional
Co-operative shares to Fonterra Farmer Custodian Limited ("Custodian") (in
its capacity as custodian for the trustee ("Trustee") of the Fonterra
Economic Rights Trust).
Transfer of Co-operative shares by the Custodian upon the redemption of
units in the Fonterra Shareholders' Fund ("Fund") previously issued by the
Manager, in accordance with the terms of the Fonterra Shareholders' Fund Unit
Trust Deed.
(c) the name of any other party or parties to the transaction or event (if
known and if not an on-market trade): N/A
(d) the consideration, expressed in New Zealand dollars, paid or received for
the acquisition, disposal, or change in nature of the relevant interest: In
consideration for the transfer of each Co-operative share to the Custodian
(acting in its capacity as custodian for the Trustee) the Manager issued to
(or on behalf of) the transferor of that Co-operative share one unit in the
Fund, in accordance with the terms of the Fonterra Shareholders' Fund Unit
Trust Deed.
In consideration for the redemption of a unit in the Fund, the Manager
instructed the Custodian to transfer a Co-operative share (in respect of
which the Economic Rights were held by the Custodian on behalf of the
Trustee) to the unit holder, in accordance with the terms of the Fonterra
Shareholders' Fund Unit Trust Deed
(e) the number of securities to which the transaction or event related:
Total acquisitions: 84,208,436
Total dispositions: 71,500,708
Net increase: 12,707,728
Details of relevant interests in substantial holding after relevant event
Details for: FSF Management Company Limited
Nature of relevant interest(s): Under the Custody Trust Deed for the
Fonterra Economic Rights Trust, the Custodian holds the Economic Rights in
Co-operative shares on trust for the Trustee.
Under clause 4.7 of the Custody Trust Deed for the Fonterra Economic
Rights Trust, the Manager, in its capacity as manager of the Fund, has the
power to direct the Custodian to dispose of a Co-operative share to a
permitted person, whenever the Manager redeems a unit in the Fund held by
that permitted person.
Under clause 4.9 of the Custody Trust Deed, the Manager covenants that
it will not, directly or indirectly, at any time request, direct or instruct
the Custodian to cast any votes attached to or arising from Co-operative
shares held under the Custody Trust Deed, requisition or join in the
requisitioning any meeting of shareholders of Fonterra, propose or join in
proposing any matter for discussion or resolution at any meeting of
shareholders of Fonterra, or attend or speak at any meeting of shareholders
of Fonterra, unless invited to do so by Fonterra. This qualification does not
prevent the Manager from directing the Custodian how to exercise any voting
right arising under sections 116 and 117 of the Companies Act 1993.
For that relevant interest,--
(a) number held in class: 113,542,226
(b) percentage held in class: 7.1060%
(c) current registered holder(s) of securities: Fonterra Farmer Custodian
Limited
(d) registered holder(s) of securities once transfers registered: N/A
Additional information
Nature of connection between substantial security holders: N/A
Address(es) of substantial security holder(s): 9 Princes Street, Auckland
1010, New Zealand
Name of any other person believed to have given, or believed to be required
to give, a disclosure under the Act in relation to the securities to which
this disclosure relates: Fonterra Farmer Custodian Limited
Declaration
I, Mike Cronin, declare that, to the best of my knowledge and belief, the
information contained in this disclosure is correct and that I am duly
authorised to make this disclosure by all persons for whom it is made.
End CA:00253602 For:FSF Type:SSH Time:2014-08-07 16:29:38
