Dairy Farmers of Britain
Dairy Farmers of Britain (DFB) is asking its members and former members to swap £70 million of their investment for shares worth a fraction of that, according to media reports.
Under the deal, each pound of investment would be worth one share with a face value of 10p.
Earlier this week Lib Dem agriculture spokesperson and Cumbrian MP Tim Farron smeared himself liberally (nice pun) in the brown smelly stuff by erroneously saying that HSBC had withdrawn its funding to the troubled milk co-op.
DFB and HSBC both acted quickly to refute that this was the case and also the suggestion made by Farron that the move could have put DFB into liquidation by the end of this week.
DFB is hoping that members will vote today to convert their loanstock into non-voting shares which will enable it to move forward with its business plan the co-op says.
Under the deal, each pound of investment would be worth one share with a face value of 10p.
Earlier this week Lib Dem agriculture spokesperson and Cumbrian MP Tim Farron smeared himself liberally (nice pun) in the brown smelly stuff by erroneously saying that HSBC had withdrawn its funding to the troubled milk co-op.
DFB and HSBC both acted quickly to refute that this was the case and also the suggestion made by Farron that the move could have put DFB into liquidation by the end of this week.
DFB is hoping that members will vote today to convert their loanstock into non-voting shares which will enable it to move forward with its business plan the co-op says.
