Last week First Milk wrote to former members who were anticipating receiving a repayment of capital, to inform them that that the board of directors had decided that repayments will be deferred.
We've put together a briefing for NFU members (you'll need to log-in).
Read it here.
NFU comment
There are many ex-First Milk producers who will be incredibly frustrated by the announcement last week changing the way they will receive their capital repayment. We recognise that many retiring farmers will be approaching the time of expected payment and this delay will put some in a very difficult financial situation, with concern over the security of their investment.
On the other hand, we also understand the need for First Milk to ensure that the business can continue to function. For all concerned it is now vital that the planned meetings in early-May clearly explain how the co-operative will move forwards, in order to restore members confidence.
We are in regular contact with First Milk to clarify the situation.