Dairygold Convenes AGM

Dairygold Co-Operative Society Limited has convened its 2012 Annual General Meeting (AGM) to be held on the 11th April next, to be followed by a Special General Meeting (SGM) of the Society. The meetings will be held in the Powder Store on Dairygold’s milk processing site at Mallow. The site is the location for the Co-Op’s planned new Milk Drying facility to accommodate the expansion in milk production expected from 2015, following the end of the quota regime.

Dairygold Co-Operative Society Limited has convened its 2012 Annual General Meeting (AGM) to be held on the 11th April next, to be followed by a Special General Meeting (SGM) of the Society.

The meetings will be held in the Powder Store on Dairygold’s milk processing site at Mallow. The site is the location for the Co-Op’s planned new Milk Drying facility to accommodate the expansion in milk production expected from 2015, following the end of the quota regime.

The AGM, which will report on the Co-Op’s strong performance in 2012, is scheduled to begin at 10:30am with the SGM planned to commence at 12:30pm.

The SGM will enable Members to consider three resolutions to be put before the Members. The SGM was convened on foot of a requisition from a Shareholder group requesting that:

i) the Co-Op set aside the Milk Supply Agreement (MSA).

ii) independent milk testing be introduced immediately by the Co-Op.

A further Resolution was submitted by the Members of the Society’s elected General Committee endorsing the Society’s current expansion plan, asking that the implementation of the plan approved by the Society be kept under review, will also be considered at the special general meeting.

The MSA has been signed by over 80% of Milk Suppliers, was introduced by Board and Management to implement the Society’s Post Quota Expansion Plan and developed following a lengthy consultative process with Member Representatives and Milk Suppliers.

Dairygold’s one-to-one consultation programme is continuing and the opportunity to sign up to the Milk Supply Agreement which underpins the Society’s expansion plan has been extended to 30th April next.

Dairygold confirmed this week that over 80% of Milk Suppliers have completed milk expansion forecasts which clearly indicate the prospect of a 55% to 60% expansion in milk output by 2020, broadly in line with the forecast underpinning the Society’s expansion plan. The Society’s Post Quota Plan is structured on a modular basis and will be aligned to future milk volumes. This means that if the growth is lower than expected both the investment cost and the Member Contributions would be reduced.