Fonterra’s balance sheet has gotten a boost, after farmer-shareholders snapped up $61 million of additional Fonterra shares – lifting the total number of dry shares to 6% of shares on offer.

Farmers applied for 13.5 million additional shares for 2010/201 – shares above those farmers are required to hold to back milk production.

Fonterra chairman Sir Henry van der Heyden says the uptake of dry shares is a vote of confidence in the giant dairy co-operative and will strengthen its financial position.

More than 70% - or 7,500 Fonterra farmers now hold dry shares.

Meantime, the five new candidates standing for Fonterra’s Board of Directors election have been announced.

This year, the candidates include  Maurice Hardie and Russ Rimmington, as well as three incumbent directors Sir Henry van der Heyden, Malcolm Bailey and Ian Farrelly.

Fonterra shareholders will meet the Director candidates at a series of 11 roadshows next month.

Voting begins on October 22.