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Kerry Co-op chair responds to some shareholders' plans for Kerry Group joint venture

Nov 10, 2022 13:11 By radiokerrynews
Kerry Co-op chair responds to some shareholders' plans for Kerry Group joint venture Kerry Co-op chair responds to some shareholders' plans for Kerry Group joint venture
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The chairman of the board of Kerry Co-op has expressed his disappointment at the position taken by some of its shareholders.

Shareholders want to force the board to hold an emergency meeting which could affect plans for a joint venture with Kerry Group.

This venture involves Kerry Co-op – which is the largest shareholder in Kerry Group – buying back the plc’s milk processing facilities for dairy farmers.

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Co-op shareholders want a vote on a share redemption scheme, which if passed, would leave the Kerry Co-op board with €100 million to finance such a deal with Kerry Group.

A spokesperson for some shareholders says the majority of shareholders with voting rights support such a vote and that a sufficient number of these shareholders’ signatures as well as necessary documentation will be presented to the board of Kerry Co-op tomorrow (Friday).

The chair of the board of Kerry Co-op, Denis Carroll says regarding the joint venture, shareholders' interests will be protected.

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Mr Carroll says the board of the co-op have received new legal advice on such a proposed share redemption scheme and will discuss it at a meeting of the board next week. He wouldn't disclose the nature of the advice.

 

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