Farmers protest at Golden Vale AGM

A number of dairy farmers have staged a protest outside Golden Vale’s AGM in Limerick.

The protest is part of a campaign to improve the price they get for their milk. They say the price Golden Vale pays is the worst in the country.

The protest comes just one day after Kerry Group’s surprise offer of euro 1.37 a share for the entire shareholding in Golden Vale. The offer put a value of euro £214 million on the Cork food company.

Inside the AGM, the company repeated its rejection of the proposed buyout offer.

Chairman Mr Pat McKenna said the offer "is inadequate and fails to recognise either the underlying value or the potential of the company".

Mr McKenna told shareholders: "Much progress was made in furthering the strategic direction of the group during 2000."

He also said he was confident the investments made by Golden Vale will deliver value for shareholders in the years ahead and that he continues to be optimistic about opportunities for growth in the business.

Speaking at the meeting, group managing director Mr Jim Murphy said: "Golden Vale has demonstrated strong financial performance, has a healthy balance sheet, has made the major investments for the future to enable sales to grow and has significant positions in many growth markets."

He also said the company was well placed to grow significantly over the coming years, both organically and by future acquisition.

"We have more than doubled our profits over recent years and we are confident that we have laid solid foundations for the future," he said.