The announcement that farmers have taken up about 1/3 of their entitlement to additional shares in their cooperative company is a good result given the circumstances. The levels of debt driven by hyped expectations of milk prices and banks throwing money at dairy farmers means many were never in a position to take up the 20% allocation. Some could say it has been planned this way so that the inevitable call for further outside capital will lead to the listing of Fonterra on the NZX. For investors and naive money traders this may seem like progress but for farmers it will lead to less money for milk and more for share dividends. This is all basic commercial opportunism and the board of Fonterra should be made to answer some hard questions before they are handed a mandate to move further forward on any capital restructure of New Zealand’s only fully owned multinational company.