There should be two votes – one for the spinout and one for the investment fund.
The spinout would be welcome to farmers after two tough years in farming. The investment fund of €720m (three times the value of the spinout at €220m) if the vote is passed is completely in the hands of the board, effectively putting all A1 shareholders in the category of the A3 shareholders. This means they will have no say in relation to this fund – only 10% of farmers’ investment contributions being recognised for return, dividends, etc, meaning 90% of funds at the discretion of the board to dispense. It is hard to have confidence in a board that has invested €220m (€80m over budget) in a new cheese plant, when less milk is produced for obvious reasons. Are these the people to put in full control of €720m of members’ funds? Farmers are well capable of looking after their own if all shares were spun out. Vote no – a better deal will follow in due course. Remember Kildalton 2010.
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DEAR EDITOR
There should be two votes – one for the spinout and one for the investment fund.
The spinout would be welcome to farmers after two tough years in farming. The investment fund of €720m (three times the value of the spinout at €220m) if the vote is passed is completely in the hands of the board, effectively putting all A1 shareholders in the category of the A3 shareholders. This means they will have no say in relation to this fund – only 10% of farmers’ investment contributions being recognised for return, dividends, etc, meaning 90% of funds at the discretion of the board to dispense. It is hard to have confidence in a board that has invested €220m (€80m over budget) in a new cheese plant, when less milk is produced for obvious reasons. Are these the people to put in full control of €720m of members’ funds? Farmers are well capable of looking after their own if all shares were spun out. Vote no – a better deal will follow in due course. Remember Kildalton 2010.
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