Row over Kerry Co-op shares escalating as shares in Kerry Group break €100 barrier
A row between shareholders in Kerry Co-op is escalating as share price of Kerry Group plc broke through the €100 barrier for the first time in its history this month with the company now valued at just over €18bn.
Shares in the company are up almost 20pc since the start of the year on the back of volume growth across each of the regions it operates in, with particularly strong growth of 9.3pc coming from the Asia, Pacific, Middle East, and Africa region, which was led by China.
In its latest trading update the company said it made a "solid" start to 2019, with reported revenue up 10.3pc in the three months to 31 March.
However, there were angry scenes at a meeting of Kerry Co-op shareholders in Limerick on Monday night with frustration over a proposed cash for shares scheme boiling over amid calls for the co-op to be wound down.
Serious differences have emerged in recent months between the Kerry Co-op board and a significant number of its shareholders, some of whom are represented by the Kerry Co-op Shareholders Alliance.
Alliance members want to sell their remaining 13.7pc stake in Kerry Group Plc, and share the dividends, worth on average around €165,000, among co-op shareholders.
Meanwhile, the co-op board has approved and recommended an equity redemption scheme for members which would offer shareholders the opportunity to sell some or all of their shares.
Members can avail of the offer until June 5 but the scheme will have to be approved at Kerry Co-op's upcoming AGM on June 19.