Kerry Co-op to look at all options after 'robust' exchanges at AGM
The Kerry Co-op board has committed to communicating with all A and B shareholders in the coming weeks to solicit their views on the future direction of the organisation.
The board move follows a heated AGM in Tralee last week which attracted a huge attendance.
Serious differences regarding the future direction of Kerry Co-op were aired at the AGM.
While Kerry Co-op board is exploring the option of reviving the co-operative as a trading entity, possibly with milk processing, a sizeable proportion of A, B and C shareholders want the society to spin-out its lucrative stake in Kerry Group Plc.
Kerry Co-op is the largest shareholder in Kerry Group Plc with a 13.7pc holding valued at €2.2bn.
In a statement to Kerry Radio following the meeting, Kerry Co-op confirmed that the board would be "communicating with all A and B shareholders seeking their views on the future strategic direction of the co-operative".
The Kerry Co-op statement accepted that there were "robust exchanges on the matters affecting shareholders" at the AGM and that the "views expressed would be taken on board by the directors".
A proportion of co-op shareholders want Kerry Co-op to sell its remaining stake in Kerry Group Plc and share the dividends among the society's 13,269 members. This would result in an average pay-out of around €165,000 per co-op shareholder.