Crucial Kerry Co-op AGM takes place today

The annual general meeting of Kerry Co-op takes place today.

The meeting will involve several votes on the future direction of the co-op.

Kerry Co-op is the largest shareholder in Kerry Group plc; the co-op has 13,500 shareholders who hold an estimated €2.5 billion worth of shares in Kerry Group.

One Kerry Co-op share is worth around €600.

At 12 noon today, shareholders with voting rights will gather in the Brandon Hotel in Tralee for the Kerry Co-op AGM, which will be followed by a Special General Meeting.

Shareholders will be asked to vote on a voluntary share redemption scheme.

The co-op board say this is the first option being considered to enable members to obtain the true value of their equity but have admitted it will not suit everyone.

The Kerry Co-op Suppliers’ and Shareholders’ Alliance says the scheme is the least tax efficient and would see members availing of it be liable for income tax rather than Capital Gains Tax.

The board, which approved the scheme earlier this year, has the authority to introduce it even if it isn’t rubberstamped by shareholders.

Shareholders will also be asked to vote on a resolution to remove the requirement for Kerry Co-op to hold 10% plus one share in Kerry Group.

A further resolution proposes to modernise the rules of the co-op to reflect changes in law in recent years.