Chair of Kerry Co-op board says shareholder consultation document is not binding

The chair of the board of Kerry Co-op says a document sent to shareholders about the future direction of the organisation is not binding and is simply to gather opinions.

Kerry Co-op Shareholders’ Alliance has criticised the consultation document because it doesn’t include the spinning out of shares but focuses on the possibility of buying Kerry Agribusiness or a merger with another co-op.

However, Mundy Hayes says shareholders are able to outline their opinions on the document.

He says the board wants to bring clarity to shareholders as there is a lot of confusion out there.

Mr Hayes says the board is not on a solo run and they have to be very sure how they proceed is both legal and is compliant with Revenue:

Mundy Hayes has urged shareholders to return the consultation document so the board can get a wide spread of views and says nothing will be done without a vote.

Mr Hayes says they need to ensure people get value for their shares and says the last thing they want to do is keep people’s equity locked up: