Kerry Co-op has confirmed that it sold 1.5m Kerry Group plc shares this summer but refuted suggestions that it was because of losses suffered due to its investment in One51.
It emerged that the co-op sold the Kerry Group shares on May 10 at €28.25, and the sale return was more than €42m.
A Kerry Group spokes-man said the monies were used to pay off debts, and not solely those resulting from the One51 writedown, and also to build reserves.
He said the impairment charge on the co-op's One51 investment was €13.2m, and that reserves in the co-op now stood at €35m. The sale reduced the co-op's shareholding in the plc from 41.6m shares to 40.1m (22.8pc).
It has also affected the rate used to convert co-op shares to plc ones. The rate is 6.66 plc shares for every co-op share, which puts a value of €193 on co-op shares given that plc shares are at €29.
The conversion rate would have been closer to 7.13 plc shares to every co-op share had the co-op not been forced to sell the 1.5m Kerry Group shares, which would put a value of €206.77 on every Kerry Co-op share.