In the letter,  Mr Henry van der Heyden, announces that the Board had decided not to proceed with the preliminary vote on the capital restructure of the co-operative  in May 2008.

The Chairman states that the vote is not essential at this time and there is a need to spend much more time in consultation and discussion before any final deciding vote in 2010  and he refers to misunderstandings and some misinformation about the board's preferred capital structure proposal.

Read the Chairman's letter below: