The Board of Fengrain- East Anglias largest independent grain marketing and storage co-operative is proposing a 500,000 appropriation to be paid to its members.
It is recommending the maximum payment possible under the company’s constitution based on the financial performance over the previous three years as it believes that now is the right time to reward loyal members as many farmers will be experiencing difficulties due to recent low crop prices.
Chairman PaulWilkinson said that the Company has performed extremely well over the past few years. Members had received excellent pool results thanks to expert marketing,and the growth in tonnage showed that Fengrain is competitive on farm.
Customers and growers report that service levels continue to be good, and we have invested heavily in the business, and our people, who have been rewarded for their commitment and we have a healthy balance sheet to support planned progressive activity. So we feel it right to repay our members for their commitment as we enter probably the most exciting period in the Company’s history.
The appropriation is expected to be approved at the Company’s AGM on 7th December.