31 May 1996

Dairy Crest to go public in summer

DAIRY CREST will be floated on the stock exchange this summer and almost 30,000 milk producers in England and Wales will be offered shares in the business.

The Residuary Milk Marketing Board, which took control of Dairy Crest when the MMB was disbanded, announced the flotation this week. It has written to all eligible producers asking them whether they want to accept their entitlement in shares or cash (see Business, p23).

The value of the company, share price, and date of flotation have not yet been announced.

Sir Derek Andrews, chairman of the RMMB, refused to give any details other than "flotation will be sometime this summer".

Dairy Crest chairman, Mike Dowdall, said the announcement was a welcome end to the uncertainty over future ownership that has dogged the firm since Vesting Day.