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Each year at the beginning of November, the Board has a couple of days with the Executive team to review where we are in terms of delivering our strategy, and to look forward to business plans for the next financial year.

Firstly, how far we have come as a business. It is easy to forget that this time last year, the First Milk Cheese Company had only been up and running for a matter of weeks, and that we did not take over the running of the Ingredients Division until the beginning of April 2007. If the merger goes ahead, and I will briefly touch on this later, we will be looking at two huge transactions in just over twelve months. So amongst everything else, we are reshaping the business at a very fast pace.

Secondly, I was impressed by the seamless teamwork in the meeting. The work completed on the purchase of the cheese and ingredients businesses, and in reshaping First Milk over the past twelve months, has created a strong bond between the Board and Executive team which has allowed us to move with the pace and agility required in this current environment.

Everyone in the group, whether they are a Board member, or part of the Executive team, passionately wants our business to succeed. We recognise that hard work and global dairy market conditions have created an opportunity for First Milk, and we are determined to maximise that opportunity for the benefit of our members.

At the meeting with the Executive team, the Board also received an update on the various aspects of the merger due diligence process. Once this process is completed all the relevant information will be laid in front of the Board to enable them to make a decision on whether or not to recommend a merger to members. At the time of writing this piece, the work is still ongoing. We will keep you fully informed as decisions are reached.