Shares in Robert Wiseman Dairies have been on a downward trajectory since the UK’s Office of Fair Trading accused the milk processor of involvement in an illegal milk price fixing scheme, dropping by more than 8% at time of press.
The OFT has found the company along with five other Scottish dairies – Ballantyne, Graham’s Dairies, Quothquan, Renfrew and Scottish Milk Dairies – provisionally guilty of conspiring to fix the price paid by middle-ground customers and agreeing not to compete for each others’ customers between 2000 and 2003.
The company has until the end of November to respond to the accusation, and Wiseman has said it will cooperate with the OFT to clear its name.
“Wiseman will strongly contest these allegations … Wiseman will cooperate fully with the OFT,” the group said in a statement.
Shares in the London-listed dairy group fell 8.28% from 400.25 pence before yesterday’s (7 September) announcement to 367.10 pence by mid-afternoon today.
