Announcement on Creditors Committee

There has been comment from apparently uninformed sources about the need to rush to form a creditors committee. In some way this appears to suggest it will restrict my powers and define my strategy. That is simply not true.

I have made it very clear in my meetings with over 1000 farmers in the past 4 days that there will be a meeting for farmers that have lost money in the receivership of the business. Strictly speaking I do not need to hold one, but there is an undercurrent of feeling from farmers one is needed and I have agreed and supported that. I want to be completely transparent on my receivership, what I have done and how the numbers stack up.

That meeting will be on 7th September in Manchester. I will produce a report on the receivership (what I and my colleague receivers have done) and on what we, on conducting my normal enquiries, understand were the reasons for the receivership of DFB. This will be available to all farmers who have lost money, by milk cheque loanstock or equity and discussed further with Q and A on 7th Sept.

I will not be asking for nominations for a creditors committee because I do not believe such a committee will serve any purpose. For those who have attended the meetings and or read and listened to the content on this website I am intending to be full and frank in my reporting. I will continue this transparency and communication with farmers and that will be here on the website and no where else.

I have told all farmers I have asked the members council to continue to function and provide me with their views on the receivership as it unfolds and to offer advice. It was elected by the farmer members and is representative. I believe this is both practical and proper. I stress however ultimately the decisions and the strategy are mine together with my colleague receivers David Kelly and Ian Green supported by the team from PwC. The council have no direct control but if they are unhappy I have no doubt they will say as such loud and clear.

Please be reassured by this statement. If you are not don't debate it on the blogs but communicate direct with me my colleague receivers and my team via the emails accessible from this website. Please be responsible with the emails. I have a business to manage and much to do along with my team. However genuine concerns and real issues will be dealt with just as soon as I can.

If you feel your concerns are with the receivership and you need independent advice please do speak to the organisations I have briefed and will continue to brief including the NFU the Farmers Union of Wales and the TFA. I have also supported council by providing them with funds to allow their nominated independent advisor Richard Bruce (who I have never met before the DFB receivership and acts for the Council not me) to be retained. He can be contacted via your district or regional council chairman.

In summary rest assured I will be continuing to be transparent and keep communication up. To those who have concerns they wish to air, the proper time and place is Manchester on 7 September 2009 or direct to me, my colleague receivers or my team via this website.

Stephen Oldfield

Joint receiver