Future of first milk

[Married 2 The Mob]

I agree about the bonus and have no problem with it or his salary, but some of the directors who got us into the mess and the huge losses racked up by paying out a milk price they could not afford after the loss of the Muller contract, that was around £20 million and the legal costs imposed by the banks and extra accounting costs come to about £2.2 million, 2 of the directors who made these mistakes are still on the Board.
I want to see FM survive but we must remember we need a clear strategy and know in the area's with no factory near us we are needed and wanted and that is shown in a fair milk price,we have all paid for the cheese factories and continue to do so but we do not all benefit, its not too many years ago that the liquid guys were the one's subsidising the cheese producers but now we are more commercially focused we have a better price in West Wales than the rest of us. Some very short memories on the Board and some should be toast.

Can only agree with what you say.
Interestingly, at the meeting I was at last week, after explaining how much better Aspatria was performing ( much less cheese downgraded ). Mike Galagher enthused it was "your" money invested that helped fix it. To a room of Midlands members.
And later conceded that it did not seem fair that we did not share in the added value returned.

 

[vulcan]

Are we really going to get the half a milk cheque back or is it just small talk?

 

[manfromhill]

Are we really going to get the half a milk cheque back or is it just small talk?

Seemed pretty adamant about that at the fenwick meeting

 

[Cuckoo's nest]

Are we really going to get the half a milk cheque back or is it just small talk?

I hope we are and soon, many businesses are in dire straights and need the cash desperately.

But more of a problem for those who give up or retire or move to another buyer is the Members Capital the 2 farmer members of the board and the Council passed a vote to make the Capital we put in over the years and the capital that was EXTRACTED from us over 9 months( yes to save the company I know) is now practically worthless, even though FM try to talk up the value of the new shares look at the real world.
A member who leaves or retires has to sell to another FM producer ok, but the member wanting them needs to be expanding or starting up, we once had over 2000 members and 3.2 billion litres of milk ,I bet next year we will have less than 600 members and close to 500 million litres so WHO is going to but the shares? So they are WORTHLESS or un sellable .

 

[Walwyn]

I hope we are and soon, many businesses are in dire straights and need the cash desperately.

But more of a problem for those who give up or retire or move to another buyer is the Members Capital the 2 farmer members of the board and the Council passed a vote to make the Capital we put in over the years and the capital that was EXTRACTED from us over 9 months( yes to save the company I know) is now practically worthless, even though FM try to talk up the value of the new shares look at the real world.
A member who leaves or retires has to sell to another FM producer ok, but the member wanting them needs to be expanding or starting up, we once had over 2000 members and 3.2 billion litres of milk ,I bet next year we will have less than 600 members and close to 500 million litres so WHO is going to but the shares? So they are WORTHLESS or un sellable .

I'm looking to buy FM shares, if anyone has some to sell please get in touch. I'll even offer more than worthless.

 

[supercow]

I'm wanting shares too, worth double what they were this morning!

 

[buffalo_soldier]

What are they trading at?
Or is it a private matter?

 

[supercow]

Depends how friendly u are with the folk who buy or sell them! The preference shares, the ones that run out after 2 years are worth nothing to the fella who leaves but worth everything to the fella who is continuing to pay the .5 capital

 

[Cuckoo's nest]

I hope everyone that is with FM has their proxy vote in to change the Board and Council and try and make what is supposed to be democracy work.

 

[supercow]

The agm is this Thursday in Carlisle is it?

 

[Cuckoo's nest]

Who is going along to vote ?

 

[Cuckoo's nest]

Well I posted my proxy vote but I might as well not have bothered. Its taken me all this time to find someone who, knew someone who was at the AGM to tell me how it went. So much for FM communications team. There were less than 20 ordinary members at the AGM and only 47 out of 1000 members sent in a proxy vote......... shamefull apathy, and with mostly around 30 votes in favour of the resolutions there was now way with 20 members they could vote anyone off. One scottish guy gave Nigel Evans a hard time about his finger prints being all over the purchases and everything that went wrong ,but him and Baird sat smug knowing there were not enough votes to get them off, so all members have rewarded FAILURE.
The highlight of the day was a local producer who produces 2 million litres handing in his notice to quit as he was not happy about the way the Nestle contracts were given out and the price difference, he was not going to stay with a Co-op that treated members all the same way. Mike Gallacher got a bit of stick about his bonus but guess who set up the deal, Evans the same one who cocked up and lost over 20 million.

So some questions for the elusive Council and there invisible chairman, do I need to buy a ticket for the Semex conference and go up to Glasgow to hear him ?

We are shrinking the business Gallacher said ,which means that we have about 250 million who have given up or resigned .So with us down from 1100 members to near 650 who is going to buy up all the capital ?
Where is the Board taking the company ? What future is there in FM if you are not near a creamery ? Do they have a strategy? and if so could they tell us and be honest for once so we can make informed choices about our own businesses. Gallacher has done what his remit was to turn the business round but what is left ? The debit has been passed back to farms and yet they still hold back the half milk cheque and still take capital and turn every one pound they take from us into a 10p share. What was the point in the Greenburn report ? To deflect blame and keep the same usless farmer directors ?

If I am still a FM producer come next year I hope there is not the same abject apathy and fellow members learn how to use their proxy votes and remove those who have inflicted so much pain on fellow producers.

 

[holstein654]

Well I posted my proxy vote but I might as well not have bothered. Its taken me all this time to find someone who, knew someone who was at the AGM to tell me how it went. So much for FM communications team. There were less than 20 ordinary members at the AGM and only 47 out of 1000 members sent in a proxy vote......... shamefull apathy, and with mostly around 30 votes in favour of the resolutions there was now way with 20 members they could vote anyone off. One scottish guy gave Nigel Evans a hard time about his finger prints being all over the purchases and everything that went wrong ,but him and Baird sat smug knowing there were not enough votes to get them off, so all members have rewarded FAILURE.
The highlight of the day was a local producer who produces 2 million litres handing in his notice to quit as he was not happy about the way the Nestle contracts were given out and the price difference, he was not going to stay with a Co-op that treated members all the same way. Mike Gallacher got a bit of stick about his bonus but guess who set up the deal, Evans the same one who cocked up and lost over 20 million.

So some questions for the elusive Council and there invisible chairman, do I need to buy a ticket for the Semex conference and go up to Glasgow to hear him ?

We are shrinking the business Gallacher said ,which means that we have about 250 million who have given up or resigned .So with us down from 1100 members to near 650 who is going to buy up all the capital ?
Where is the Board taking the company ? What future is there in FM if you are not near a creamery ? Do they have a strategy? and if so could they tell us and be honest for once so we can make informed choices about our own businesses. Gallacher has done what his remit was to turn the business round but what is left ? The debit has been passed back to farms and yet they still hold back the half milk cheque and still take capital and turn every one pound they take from us into a 10p share. What was the point in the Greenburn report ? To deflect blame and keep the same usless farmer directors ?

If I am still a FM producer come next year I hope there is not the same abject apathy and fellow members learn how to use their proxy votes and remove those who have inflicted so much pain on fellow producers.

Take the opportunity to move when milk supply is down get out whilst you have chance.

 

[supercow]

I'm actualy the same I want out but we r getting a decent milk price, I want to join Arla but it's almost impossible to get dad to move, the fall outs we've had over the last 4 years about first milk is unreal, with our volume and constituents we should be getting 26 pence paid in December, just trying to be positive for a change

 

[holstein654]

I'm actualy the same I want out but we r getting a decent milk price, I want to join Arla but it's almost impossible to get dad to move, the fall outs we've had over the last 4 years about first milk is unreal, with our volume and constituents we should be getting 26 pence paid in December, just trying to be positive for a change

Which other milk buyers are in your area I would look at every option available. Do the positives and negatives for each buyer look at the contracts include first milk then sit down with your dad if first milk is the best option at least you've given yourself the answer.
Don't just go on other people's say so investigate each one thoroughly speak to all the buyers question would you want to put more capital into a milk buyer are Arla the answer challenge all your thinking. The opportunity to get another contract will not always be available.

 

[Cuckoo's nest]

Well the lunatics have taken over the asylum, or should I say control freaks, FM members got an email on Thursday telling them Mike Gallacher had made a phone message and they had to log in leave their name and the name of their business and then spend about 8 minutes charged to your phone bill to hear next to nothing. This must be to give them an idea of members like me who have their resignation in, if they have any interest in what is going on, too see if they might stay ? It all could have been done and taken 2 minutes to read in an email.

One of the real problems FM have is the way they have changed, its all about control now and with the Governance changes farmers have lost control, Jim Paice when he last met producers in aug/sept last year told us that his proposals for change would mean farmers would lose control of the Board but farmers could have effective control through the member council , has anyone one seen more than one of them at any of the meetings where are they and what are they doing?. All of these changes and turnout at meetings SGMs and AGMs show that we the producers have little or no control of our own company. I thought we were a PO but I am wrong, the men in the suits have taken control and the 2 board members are only stooges there for the cash. FM have turned the corner now and may be its the men in the suits that have done it, but where now, what next, what is the strategy to take us(if I stay) forward, that is what we want to know?

I could have learned more about FM listening to the Queens speech than I did the recorded message.

 

[jockthethistle]

Hi mr nest. notice im not referring to you as mr cuckoo .. how long has your notice been in .. and is it possible to let us all know where your heading with your supply .. seasons greetings also ... Hohoho. jtt

 

[supercow]

Am I the only first milk member that is fairly positive about the state of first milk? I'm sick of moaning about first milk, 2 pence better than Arla and wiseman in December, they r in a solid state financially got the business running smoothly building on the milk price every month, another 2 pence in January. I'm not going to moan about the voice message, agreed it's different but mikes probably trying to be a bit more personal to his members, he meets with us twice a year, I don't see what the problem is. First milk is a totally different business now, to go forward we need to recruit members. We won't do that when the members r constantly slagging thier buyer off. I'm sorry I don't mean to be a dick, we have all been through a hellish time but first milk is in a good state now let's let everyone know it

 

[RobFZS]

As far as i'm aware, FM, is offering Midlands members 25.10ppl base price in the midlands, Meadow foods is offering 26.55, so before they think about expanding, maybe try and get a better than the bottom of the table milk price?

 

[coomoo]

2p better than Arla/wiseman for December?