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.
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.
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.
