Fund size expected to be $1 bn, with a minimum of $500m.

Units in the fund will may be held by non-farmers and farmers, but the fund may not exceed 25% of Fonterra. Units will have all exactly the same economic rights as Fonterra Shares, but not voting rights.

Farmers will be allowed to swap their shares for units and vice versa, making the units fungible with shares but only for Farmers.

Fonterra has $15b in revenues currently, gross profit of around $1.5b, ebit around $500m, it's a stable growth buisness so valuation around $10b, expected yield is circa 7%,

The no voting thing may see it discounted slightly and maybe farmers will buy more units beacuse of the discount and transfer them back to shares? However if it works, it will probably disappear. The capital they are raising also seems to be earmarked for growth via acquistions, so maybe a little more risk than people would expect.