31 Oct 2012
IFA OFFICERS TO MEET INDEPENDENT EXPERTS ON GLANBIA DEALDairy
IFA President John Bryan said the Association was waiting for its corporate finance and pensions experts, who are carrying out an independent assessment of the fundamental elements in the proposed JV, to report in the next few days.
Mr Bryan said IFA officers in the Glanbia area will meet with these experts, and following that, a recommendation will be made to the IFA Executive Council next week.
Mr Bryan said: “The independent experts have been asked to assess the three most important areas of the proposed Glanbia JV deal: the value for money represented by the proposal to buy the existing processing assets; the robustness of the cash flow projections for the JV up to 2020 with or without a further spin out, including its ability to deliver a strong milk price over that period; and finally the pension scheme and its liabilities”.
IFA National Dairy Committee Chairman Kevin Kiersey added that IFA was also pursuing adjustments to some issues already raised by the Association: “I expect a full response from Glanbia on the issues raised at earlier meetings. We have asked them to facilitate the reasonable adjustments we have sought with a view to addressing farmers’ legitimate concerns,” he concluded.