Several of Fonterra’s farmer suppliers have spoken out against Fonterra's Trading Among Farmers capital raising proposal, questioning whether it is simply a Trojan horse for getting the co-op onto the NZX.

Franklin dairy farmer Andrew Cryer, and Rotorua’s Lachlan McKenzie, issued a statement saying that TAF would mean the co-op’s farmers would no longer have 100% supplier ownership.

The pair reportedly argued that the shareholder fund, no matter how it was constructed with smoke and mirrors, is a non-supplying entity.

Andrew Cryer also called on Fonterra to supply farmers with all the latest information it had on TAF before the next round of farmer meetings begins at the end of January.

Mr Cryer said if farmers didn’t have all the details before the meetings, an informed debate could not be had.

Fonterra says it plans to release the latest information on its Fencepost website the day before the meetings begin.