A group of Kerry Co-op shareholders says a consultation document with options for the future of the organisation does not include the possibility of spinning out shares.
The debate around the future of Kerry Co-op has intensified in recent months; it is the largest shareholder in Kerry Group plc with a 13.7% stake, worth an estimated 2.2 billion euro.
A consultation document sent to shareholders with voting rights outlined two options; to evaluate the acquisition of Kerry Agri Business or to explore a future in milk processing through a merger or joint venture.
Dave Scannell from the Kerry Co-op Shareholders’ Alliance says the option to spin out shares should be presented too:
Chair of the Board, Mundy Hayes says the consultation document is to help prepare their strategic plan and include members’ views.
Mr Hayes says apart from the two actions outlined there is a space provided for members to express their thoughts on what they wish to have included.
There are around 13,900 shareholders in Kerry Co-op; forty of those, who are also milk suppliers, make up the Kerry Co-op Shareholders’ Alliance.
They are seeking an EGM and are prepared to overthrow the board of the Co-op.
Dave Scannell maintains they are representative of the majority of shareholders: