Progress being madein dairies merger

In a joint statement, respective chief executives, Gabriel D’Arcy and Nigel Kemps said they were delighted with the level of endorsement from both sets of shareholders for the merger and they were now in a formal cooling off period – due to complete in late July – with ‘cautious optimism’.

The statement said: ““Overall this has been a very positive process that has moved through its various stages in line with the expectations and timelines agreed initially by both parties. Both sides are delighted with the degree of co-operation and good faith that has been exhibited since the possibility of the merger was first announced several months ago. “We remain totally convinced a merged co-op has huge global potential and will be good for our supply base, our staff and the industry in general.

“There were exceptional turn-outs at both meetings and it is clear there is resounding acceptance of the strategic fit between the two co-ops and that a merger will enable us to do things together we could not do alone.”

The Town of Monaghan meeting was attended by more than 350 people and included 263 shareholders who were eligible to vote on the resolution.

88% of the shareholders present voted in favour of the resolution to approve the proposed merger.

The Ballyrashane meeting was attended by more than 90% of its shareholders with 97% of those in attendance voting for the proposal to merge with Town of Monaghan. Chief Executive Nigel Kemps said he was delighted with the turn-out of shareholders and how they had shown their support for Ballyrashane’s strategy to pool its resources with Town of Monaghan and collectively to create a significant new dairy force on the island of Ireland. It is hoped the new co-op will be legally constituted and commence operation from 1 September.