Navigation for News Categories
Photo: Photo / AFP
Investment platform Sharesies is expanding into the rural sector by hosting the online trading of Fonterra co-operative shares among suppliers.
Trading in the shares, which are tied to milk production, to date has been through a closed market on the NZX, but from June co-op members will be able to trade on the Sharesies mobile app and browser, and get enhanced features such as alerts on changing prices.
Co-chief executive Leighton Roberts said the agreement offered a new line of business and should improve liquidity in Fonterra shares.
“I think that will be one of the upsides, the fact people will be able to trade on their mobile, and have a lot more flexibility about making decisions and being able to trade the market.”
Fonterra’s acting chief financial officer Simon Till said a “tailored and exclusive space” would be more intuitive and accessible for shareholders.
“We believe it will offer Fonterra farmers an improved trading experience and new features that will support liquidity under our flexible shareholding capital structure that was introduced last year.”
Other features offered by Sharesies included farmers being able to order shares without having funds in trading accounts and to view holdings for multiple farms under one login.
Meanwhile Sharesies’ Roberts said it had an eye in the future on running internal exchanges for other co-operatives and had spoken to the unofficial Unlisted exchange as well.
“We have had several conversations with the Unlisted exchange over the years and continue to. It’s one of those things on a priority list we’ll get to one day, but we absolutely see some opportunity there, in particular in working with some of the companies on the exchange.”
Unlisted companies include kiwifruit exporter Zespri, Silver Fern Farms, several other agricultural businesses, as well as investment firm Rangatira.
Get the RNZ app
for ad-free news and current affairs
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : RNZ – https://www.rnz.co.nz/news/business/514635/sharesies-to-host-online-trading-of-fonterra-shares