Kerry Co-op board refuses to comment on equity redemption offer

The board of Kerry Co-op has refused to comment on a report that it’s offering members an opportunity to cash in their shares.

According to the Irish Farmers’ Journal, the board has approved an equity redemption scheme to members for later this year, with further opportunities in the years ahead.

However, it’s understood that under the scheme, cash paid out to shareholders would be treated as income and would be subject to income tax.

Separately, the board of Kerry Co-op has until January 31st to exercise an option whether to begin the process of acquiring Kerry Agribusiness from Kerry Group.