First Milk is to hold a Special General Meeting on 1 July asking members to approve a set of rules creating a new class of share, as part of a drive to improve the organisation’s financial stability.
The farmer-owned dairy co-operative is the 10th-largest co-op in the UK, with a turnover of £460,087,000 in the year ended 31 March 2015. If approved, the proposed new class of share (C Preference shares) would lead to changes in how members’ and former members’ capital is held...
The proposed changes, which have been unanimously agreed by the board, would see the capital accounts converted into C Preference shares. As a result, any farmer leaving First Milk would be able to get capital back by selling their C Preference shares to a continuing First Milk member.
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