Re the exchangeable bond is it farmers co-op shares that are pledged and converted to plc shares if its triggered and every suppliers loses a % of our co-op shares our are they the co-ops actual shares that they hold independently
That is a great question that I don’t know the answer to
Theirs way to much messing to put it mildly going on with the whole operation at the minute, the latest been the plc flogging the cheese processing facility in Wales/portlaoise , what I'd love to know is how the plc managed to get the co-op to agree to a stipulation the above can even take place, obviously leprino who bought it out have cast iron guarantees they will be provided with product from ballyragget to make their mozeralla indefinitely but at what agreed price it's crazy stuff.....
Trying to read the stipulations and break clauses in the interchangeable bond agreement theirs alot of break clauses where it can be called in, given the bond was issued at 1.8% fixed for 5 years the new York firm that sanctioned it are losing their shirt on it present day...
I have to laugh when Jim was raving years ago about dairygolds debt levels and how'd they'd go wallop, when defending glanbias poor milk prices, the monster he's after creating is celtic tiger levels of maddness
We’re in a position now that is more exposed imo
And our board members are oblivious to it
not directly related to this but ….Board members are farmers firstly who do there best …..there’s lots of wheeling and dealing and games played for these to get and hold seats …..majority have no experience outside of running there own farms …..board sizes in most coops are too big and don’t have enough non executive directors who can bring real value and non farming expertise from other walks of life ….my own coop has 18 board members and 1 non exec ….motion recently passed to reduce this to 14 and add another non exec ….it’s something but dosnt go far enough ….8/9 and 2/3 non exec would be the sweet spot …..and shouldn’t really matter what part of coop areas these 8/9 come from ….tgeres a course in ucc that all board members should be made do if seeking a second or subsequent term
Interesting times.
What kinda money do the farmer board members get? Or how much work is expected from them?
Not for me to say publicly but from what I do know not enough …..you’ve obviously the board meeting every month then there’s sub committees and if any big issues need addressing more meetings .younger energetic people with kids /wives and building a farm have the interest but not the time which is a big issue …..not easy get board seats either as up against guys with connections who know how to get over the line in elections
Excellent post- reality of all farming organisations tbh
Don't know if it's still the case but lakeland farmer board members didn't get any pay up until a while ago
If true that’s shocking …..board members of multi million euro operations getting nothing beggars belief
Was thinking the same myself.
Mustn't have been a serious business.
But I taught most coops pay per meeting (200) and fuel expenses. As per the annual accounts it looks like they get around 2 to 4k. But no salary
I hope 200 isn't reflective of the amount of work and preperation a board memeber is expected to have to undertake before a meeting, as well.as the meeting itself.
Afaik the lakelands lads hot expenses but no salary for being a board member. Not sure what the glanbia lads get
In fairness I don't know. That's the pay in our coop. But there is probably more bonuses that is not stated.
It takes special people to be on boards of businesses. My mind goes. Numb after a two hour meeting, never mind a day. It's fierce tiring listening to waffle. But there are. Those who can talk and listen to pure Shiite for days on end
https://www.irishtimes.com/business/agribusiness-and-food/glanbia-directors-each-paid-85-000-last-year-1.2646032#:~:text=Glanbia's%20board%20of%20directors%20were,Glanbia%20Ingredients%20Ireland%20(GII).
Sold my last 2 Angus bull calves yesterday for almost 300 euro. Amazing how a couple of weeks ago the same calves were "worthless".
What age were they?
Often less fear of a poorer calf at this time of the year, as they tend to be out of cows over heifers. Really helps as older cows have a bit more mature weight. A bit easier for rearers at the temps are up and more day light
3 weeks. I had them blown up fat with 8 litres of milk a day. Apparently that's what people want as opposed to a calf on 6 litres a day, eating straw and nuts.
That is very good money alright,Were u not worried of them getting scour feeding them 8l a day
That's a common misconception. Scours are caused by viruses or infection.
Great start to their mother’s bottom line for the year
I had a hex calf that I couldn’t sell to the exporters- they were giving 90 at 24 days- bvd was empty
sold him in Carnaross last week for 380 2 weeks later
Just shows the effect of scarcity. Imo those calves aren’t worth that at all. Still plenty AA and HE around Macroom Skibbereen Bandon. You’d want a savage calf to make €200 around here. Probably upwards of 65kg
Ye get an awful screwing in calf prices down in West Cork, any fair beef x calf would make 200 around here, the few right good calves make 300 to 400.
You can say that again. If you’ve good yearling cattle a lot of them will head up the country in fairness. The lesser types would be fattened around here. Having not sold a calf with 5 years until this year the West Cork price is much closer to the true value of calves. Cost of rearing is gone sky high
John gibbons home place
What a dream property. Goes some way to explaining his extreme bitterness I guess.
