Glanbia plan supported, claims group
But a spokesman for Glanbia said nothing had changed following the FMP meetings in Dungarvan, Carlow and Navan.
He said the overriding concern at all meetings, which were reported in the press, was in relation to the level of debt associated with the proposal for not one cent of additional economic activity.
The spokesman said it had already been agreed that a Glanbia Co-op Council member, who is also an FMP member, will be given an opportunity to talk the council through the proposal at its next meeting later this month. Glanbia has already warned that the proposed action would not be in the best interest of members.
But FMP chairman Eamonn Bray said it was very heartening to see strong support from the co-op members for the proposal, even from those who may be concerned about the fundability of the buyout.
“Farmers are actively looking at the future direction of the industry, with many convinced that the co-op structure is the only entity that can return value added to them from the market place going forward.”
The meetings heard the financial and strategic details of the FMP proposal to convert Glanbia plc into a farmer owned co-op.
Detailed financial analysis were presented which clearly showed, according to the FMP, how the transaction could be funded and paid down without impacting on milk or commodity prices.
It said the pressing issue of strong financial plc performance on the back of reducing milk prices, which is at the heart of conflict between a plc and co-op, was highlighted and debated at length.
Mr Bray said the FMP group was now looking forward to taking its proposal to the Glanbia Co-op Council, as it is important to give the members an opportunity to hear the full facts to allow for open, constructive debate and analysis.
