Lakeland Dairies holds milk price for November
Lakeland Dairies has held its milk price for November at 26.25c/L.
It is the first co-op to set its milk price for November. The other co-ops are expected to set their milk prices for November milk next week.
This is the third consecutive month that Lakeland Dairies has held its milk price.
The Board of Lakeland Dairies recently decided to open the share register for two months from December 1, 2015 to January 31, 2015.
It says this will give Lakeland milk suppliers who are not shareholders an opportunity to become shareholders of the co-operative.
Also, it says existing milk supplier shareholders will have an opportunity to share up to the required formula if they so wish.
Lakeland told its suppliers this month that the agreed formula that decides the number of shares each supplier can apply for is based on farmers 2014 calendar year supply.
For new entrants in 2014 or 2015, the formula will be based on an agreed 12-month supply estimate.
Lakeland has said that each share is 5c and those interested must be a Lakeland milk supplier and have signed the Lakeland milk supplier agreement to become a shareholder.
Lakeland Dairies milk volumes have increased by 10% year-on-year, according to the dairy co-op’s Chief Executive Michael Hanley.