The board of Kerry Co-op says shareholders who had sought an emergency vote didn’t receive the necessary number of signatories.
A number of shareholders, who have concerns over the co-op’s plans to have a joint venture with Kerry Group, want a vote on a share redemption scheme.
However, a spokesperson for the shareholders’ group said they’re confident they had collected the necessary number of signatures needed to trigger a special general meeting (SGM).
The Kerry Co-op board says the shareholder requisition to adopt a special resolution did not receive the necessary number of signatories for an SGM.
The board also says there were technical issues with the requisition caused by a lack of clarity in the wording of the resolution.
It says the Irish Co-operative Society identified this issue; ICOS confirmed this to Radio Kerry.
Denis Carroll, who’s been re-elected chairman of Kerry Co-op, says the board understands shareholders’ concerns, that they will be consulted on the matter, and the issue will be dealt with as a priority.
Paddy Casey, who’s a spokesperson for the shareholders’ group said they’re confident they had the necessary number of signatures to requisition the SGM.
He says the group will lodge the remainder of the collected shareholders’ signatures at co-op offices this week.
He confirmed there had been some technical issues regarding the final wording of the resolution and they have sought a meeting with ICOS to get further clarification and to get ICOS approval as to how the resolution should be worded.
Mr Casey says the shareholders’ group want to formally lock-in the share redemption scheme at 5.9 Kerry plc shares for every Kerry Co-op share by amending the co-op’s rules.
