Saturday, March 30, 2024

Fund units regain some ground

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Fonterra Shareholders’ Fund units tumbled to the lowest level this year, leading a decline in dairy-related companies on the NZX, amid investor concern earnings will suffer from the discovery of bacterial contamination in batches of whey protein.
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Units of the fund, which give investors access to the dividends from Fonterra’s shares, fell 8.6% to $6.51 on Monday, erasing more than $60 million from its market value. The units have since recovered somewhat, with shares now trading at $7.020 apiece.

The units were sold in an initial public offering in November at $5.50 apiece.

 

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