Update on LacPatrick by chairman Andrew McConkey

Patrick DonohoeGeneral News, Producer news

Dear LacPatrick supplier,

I want to bring you up-to-speed on events since the board meeting on Tuesday 10  April last.

As you are all now aware, the board of LacPatrick met then to set out a strategic vision for the co-op. This may or may not include partnerships, joint ventures, mergers and other opportunities.  The decision by the board of LacPatrick comes following approaches from international and national companies in recent months.

The board met again this Tuesday gone (17 April) to formalise the process over the next period of time.

A project team has been put in place. The team is led by me as your chairman with vice chairmen Keith Agnew and Robert Skelton as well as Alan McCay from the board with support from Michael Collins and Patrick Donohoe. Diarmaid Kilduff is offering consultancy support on operational issues.

The board has a critical role in this process. This project team is tasked with gathering information and it will then bring it back to the board for discussion.

The ultimate decision on the future of LacPatrick lies with the LacPatrick shareholders. Nothing can be agreed without the shareholders agreeing to it.

In recent days Lakeland Dairies, Dale Farm and Aurivo have all declared publicly their interest in negotiating with LacPatrick. However, it is critical to note that no discussions have taken place between LacPatrick and any company.

We cannot put an exact timeframe on how long this will take but we do not expect the process to be drawn-out.

There are rumours circulating regarding this whole process. However, the only source of factual and credible information will be through the board. If you have any questions or concerns, contact your local board member or me directly.

Our priority is identifying the best way forward for the co-op which is in the best interests of our suppliers, shareholders, staff and customers.

___________________________

Andrew McConkey

Chairman,

LacPatrick Dairies