kerry co-op shares

BannerBarry

One wonders will the 4 Kerry Co-Op Directors on the board of Kerry Group PLC not have to excuse themselves from Group Board meetings now also due to the conflict of interest in relation to the milk price dispute?

Kerry2016

In the Kerry Co Op board 4 of the directors are conspiring to grab 25% of the existing shareholders shares. They are hatching up a plan to take the vote back off the "B" and "C" shareholders in the Co Op in order to execute their plan. They want to give the shares out to the new start up dairy farmers with 200+ cows in order to help them produce cheap milk and put the rest of us out of business for once and for all. It is vitally important to show up to the next Kerry Co Op AGM and to get all of our Co Op shares converted into PLC shares before the board grabs them from us. (I am new to boards.ie and I have posted this elsewhere but I am just trying to spread the word for all our sake).

djmc

Do you know the date of the next agm .
Personally I'm disgusted that the farmer's are the only link in the supply chain that are expected to make a loss.
While Kerry PLC and supermarkets are making tens and hundreds of millions in profit even in the bad years.
It's not what our fore father's set up Kerry co op for which makes one wonder is it time to set up a new co op and start from scratch.
What power have farmers left over Kerry co op now anyway.

Kerry2016

djmc wrote: »

Do you know the date of the next agm .
Personally I'm disgusted that the farmer's are the only link in the supply chain that are expected to make a loss.
While Kerry PLC and supermarkets are making tens and hundreds of millions in profit even in the bad years.
It's not what our fore father's set up Kerry co op for which makes one wonder is it time to set up a new co op and start from scratch.
What power have farmers left over Kerry co op now anyway.

The date of the next AGM hasn't been decided yet because of the dispute the Co Op board are locked in with the PLC. The Co Op board are all that is blocking almost €2 billion worth of Co Op shares getting converted into PLC shares and thus being dished out to farmers. "Kerry Co Op" are only shareholders in Kerry Group PLC and realistically have no say whatsoever in the price that Kerry Group decide to pay us for our milk.

BannerBarry

Agreed on the splitting the Co Op in 2; A's and B's & C's.
Pay us B's and C's full value and keep the remainder in the Kerry Milk Trading company if the A Shareholders agree.
Currently the Directors are representing 3,300 A Suppliers only and not the interests of the 13,000 Kerry Co Op members.

Representing the interests of < 30% of members is not what a Co-Op model was set up for either.
The current Kerry Co-Op is an Investment Holding entity. Allow the company be split in 2 or else pay out all B & C shareholders.

fepper

Kerry2016 wrote: »

The date of the next AGM hasn't been decided yet because of the dispute the Co Op board are locked in with the PLC. The Co Op board are all that is blocking almost €2 billion worth of Co Op shares getting converted into PLC shares and thus being dished out to farmers. "Kerry Co Op" are only shareholders in Kerry Group PLC and realistically have no say whatsoever in the price that Kerry Group decide to pay us for our milk.

Is the dispute between plc and coop over milk price only?

Kerry2016

fepper wrote: »

Is the dispute between plc and coop over milk price only?

Yes that is all that the dispute is about. May I remind you that Kerry are already paying us 3c per litre more than Glanbia are paying their producers. Many market analysts are predicting that by the end of the year Kerry Group PLC's shares will be at the €93 mark so there really is a lot at stake as regards getting our Co Op shares converted.

BannerBarry

Again I remind you the proposed actions outlined above by the Directors acting in the interests of only one category of shareholder member would likely be challenged legally by B & C shareholders. There appears to be a clear biased by the Directors in actings in the interests of only some members and not representing all members as per the ethos of the Co Operative movement.

fepper

Its only right that the coop board fight for the best milk price but our coop shares are ours and the board should not be allowed to devalue them in any way

cute geoge

How do propose that showing up at the agm that any of your shares will be converted .My friend the co op directors are probably a few steps ahead of you .Showing up at the meeting and just demanding your shares be converted is just riduculus. You will have to get co op board members on your wavelength and this is most likely impossible with the current board of directors only looking out for them selves.
You will have have to organise to get yourself and people of you persuasion voted into co op commitees at local creamery areas to enable elect board members!! It is not an easy road to get on the co op board at any rate and it is alot harder to enfluence them to convert all the co op shares .
Good luck with your endavaours

popa smurf

I am a C share holder through inheritance in the co op. I haven't a clue whats going on down there and was never at an AGM meeting in my life.so could someone fill me in whats going on they are 3 types of shares ABC A are suppliers and have voting rights C are non suppliers and have no vote what are B than. Are they any B and C share holders on the co op board. It does p me off that my money is in the hands of a few kerry farmers who probably are trying to hatch a plan to get there greedy hands on my shares that I inherited from my father a supplier to kerry for 40 years.

fepper

No harm to bring it up at agm and question board on future coop direction

Kerry2016

cute geoge wrote: »

How do propose that showing up at the agm that any of your shares will be converted .My friend the co op directors are probably a few steps ahead of you .Showing up at the meeting and just demanding your shares be converted is just riduculus. You will have to get co op board members on your wavelength and this is most likely impossible with the current board of directors only looking out for them selves.
You will have have to organise to get yourself and people of you persuasion voted into co op commitees at local creamery areas to enable elect board members!! It is not an easy road to get on the co op board at any rate and it is alot harder to enfluence them to convert all the co op shares .
Good luck with your endavaours

From the way your talking I'm guessing your one of the board members? Do you think I should sit back and let them grab 25% of my shares so that they can be handed out to the big new entrants with 200+ cow herds who will be able to produce milk for next to nothing and put the rest of us out of business? The chairman of the Co Op board sold all of his own Kerry Co Op shares and by converting the rest of our shares he'd lose his job where he gets paid €25,000 a year for doing nothing. Myself and plenty other shareholders will be showing up at the AGM and it will be put to the board why they see fit to not convert the Co Op shares into PLC's, if the Co Op shares got converted into PLC's there would be almost €2 BILLION of a windfall for the Co Op shareholders. If the Co Op board of directors are so smart and a few steps ahead of me as you said then why did the chairman throw his shares away for next to nothing? And it's not one bit ridiculous to show up at the AGM and call for a share conversion, we will be calling for an EGM at the AGM to discuss the conversion of our shares. Our Co Op shares should be worth 6.7 PLC shares each instead of 6.12 PLC's each only for those idiots on the board investing in One51 and squandering some of our holding when One51 went belly up.

fepper

You say the coop chairman sold his shares so how in gods name is he still on the board as he's not eligible for election

Kerry2016

fepper wrote: »

You say the coop chairman sold his shares so how in gods name is he still on the board as he's not eligible for election

It is a 100% fact he has next to no shares, perhaps he has 100 of so co op shares, if he did a 100% conversion he'd be doing himself absolutely no favours. The money's worth of Co Op shares that he has is miniscule. It's common knowledge he has hardly no shares and sold nearly all his Co Op shares dirt cheap. That's why he doesn't want the rest of the Co Op shares getting converted. Surely you see what I'm saying? He has no place on the board. He's suppose to be looking out for the thousands of shareholders in Kerry Co Op and he couldn't possibly be doing any worse of a job, the only ones that he's looking out of are himself and his cronies in the board.

fepper

I sold plc shares years ago as needed to put in a slatted tank for €15 each, turned out twas a dear tank as the shares soared in value since so you don't what circumstances as to why the board chairman sold his shares

alps

The very best of luck to all parties here. I have absolutely no idea what's going on.

I just pray that
My coop shares are only ever worth 1 euro
That the coop keeps it's MO...collect the milk, process it, sell it.

And if weve anything left over after that, we can buy Kerry or glanbia shares.....

fepper

But I would agree with you that all the shares should be converted and let the shareholders do what they like with them

tibrok

I think it would be no harm to read the seven key principles of co-operatives set out on the ICOS Plunkett Institute website, particularly the one on members economic participation.

3RD PRINCIPLE: MEMBER ECONOMIC PARTICIPATION
Members contribute equitably to, and democratically control, the capital of their co-operative. At least part of that capital is usually the common property of the co-operative. Members usually receive limited compensation, if any, on capital subscribed as a condition of membership. Members allocate surpluses for any or all of the following purposes: developing their co-operative, possibly by setting up reserves, part of which at least would be indivisible; benefiting members in proportion to their transactions with the co-operative; and supporting other activities approved by the membership.

Returning all of a co-ops capital to its members, within one generation must go against all that co-ops stand for. Surely the priority should be preserving the co-op so it can benefit not only this generation but also the following generations to come.

fepper

All fine and dandy back in the auld lads generation when lots of farmers big and small supplied milk to their local creamery but that's completely changed to factory type dairy units now and that's the way its going to be in the future

hurling_lad

Are they really only going to give out these shares to start-up dairy farmers with over 200 cows?

I wouldn't have thought that they're would be too many in that category.

_Brian

Lads need to stop thinking of these PLCs as traditional co-ops from the 1950's.

The primary responsibility of the Plc is profit for the company, not the welfare of the suppliers. Actually their strategy as in any Plc is to pay the minimum possible for raw materials that is possible without closing the suppliers. This is what we are seeing across the board.
The co op board of old was a different beast where the board took the approach of setting the maximum possible price for milk that would still allow the coop run and milk be marketed.
PLCs are there to make a profit for them and them only. They will blow hot air about caring about suppliers but really they only care that the suppliers stay in business long enough to supply a cheap raw material, cheaper the better. A Plc that has price takers as their source of goods will always look to drive prices lower and lower to maximise profits, board members will be paid large salaries to to this. This is business.

BannerBarry

Kerry co-op is a holding company for shares in Kerry Group PLC and One51.

The 3300 milk suppliers are < 30% of all members right now.
The model of the dairy co op it was originally set up for has evolved as most original milk supply members have passed on or no longer supply milk.

The original members also sold some of their holding to become a PLC. The co op model became lost.
We owe them dearly for their bravery.

The Co op board have approved the additional of C and dry shareholders into holding these valuable 24m Kerry PLC shares and also the 4.7% of One51.

As a result the Co Op by name has evolved to a share investment firm not an active milk supplier firm.

Right now it appears most of the 13000 Kerry co-op member want to realise the full value of their shares.
The Board appear to be acting only in the interests of the active milk suppliers from what I read here.
This is a risk.
I believe the board have to pursue the 1.4 cent for our A Colleagues but not jeopardise our €2 billion investment firm as a result of a €16m dispute by 3300 members.
We wish the best to this result.

kerry cow

Agree brian , plc 's are working in the intetest of the share holders and kerry are doing a good job . As regards milk price , it is high time the co op board stood up and delivered , we keep forgetting that inputs make up the most of the price of a litre of milk , so why are our board not delivering cheap feed and fert from what ever source , kerry agribusiness is not the only option ,
On co op shares , all share holders , a , b , and c should get the value of their holdings eventually as fair play and the sooner the better , the present situation of owning x percentage mean nothing any more for a milk supplier , those days have passed , milk price and cheap purchases balances the books .
The co op needs leadership which seems quite weak at present .

fepper

I don't believe this standoff between plc and coop is in anyone's interest and McCarthy should still be on coop board ,great credit has to be given to him and plc board members for a remarkable share price stability of Kerry plc shares in the volatile period if like milk prices they could be half the price they are now ( look at aryzta share price collapse) and Kerry suppliers past and present shared in this, i wouldn't want small-minded coop board members running their own agenda throwing a spanner in the works at this stage

kerry cow

Sorry but I dont agree that stan should be on the co op board and on the plc board at the same time , conflict of interest , but I see he choose the plc over the co op seat , wish he was leading the co op , in the opion of the milk supplier

fepper

But the 2 are interlinked anyway, the coop invented this golden goose in '86

alps

fepper wrote: »

But the 2 are interlinked anyway, the coop invented this golden goose in '86

Oh but the golden goose has spread it's wings and flown..

BannerBarry

Is there an appetite for a 20% conversion or a 100% by all shareholders and not just C shareholders do you think? If so has this information been formally communicated to the Board so they cannot hide behind the fact nobody told them?

fepper

AGM job I'd say,I'll say 100% conversion

fepper

alps wrote: »

Oh but the golden goose has spread it's wings and flown..

Lots of the cute Kerry people still have the golden eggs tho

alps

fepper wrote: »

Lots of the cute Kerry people still have the golden eggs tho

Agree completly....Unfortunately they will boil and eat them and then it will be over...

fepper

alps wrote: »

Agree completly....Unfortunately they will boil and eat them and then it will be over...

Your rite once gone,its gone forever

kerry cow

I am wondering what is your position when posting on this thread , are ye dairy farmers or dry share holders , because seemingly once the co op has put a structure in place to deal with the day to day running of it suppliers bussiness , then a full conversion is going to take place , it will happen with next 24 months is the grapevine ?

BannerBarry

Wow. This sounds great. Will we get this confirmed in writing... We do not want loose goosip to defer the majority from voicing their concerns of the current structure.
Clarity on the future of our holding company is what we want from the Kerry Co Op Directors.

fepper

Were dairy farmers ,got out in 12,main reasons for exiting dairying,crap weather,milk price volatility,getting old and coop shares are my pension the same as someone working for Kerry coop who gets redundancy and a pension

Chiarrai_abu

kerry cow wrote: »

I am wondering what is your position when posting on this thread , are ye dairy farmers or dry share holders , because seemingly once the co op has put a structure in place to deal with the day to day running of it suppliers bussiness , then a full conversion is going to take place , it will happen with next 24 months is the grapevine ?

I said when we went under 20% we would have no say with the Group and that's the case.
Well we are where we are. Priority one now has to be the leading milk price. If Kerry Group paid the money due I'd change my tune on the shares.
I don't see why we should wait 24 months for a large conversion.
Who will benefit here only the solicitors buying the shares, the Co op board with their pay, etc. Fat cats.

All the while you and I have to sell our shares at less than half their value to pay our bills. We are the looser here yet again.

fepper

Chiarrai_abu wrote: »

I said when we went under 20% we would have no say with the Group and that's the case.<br />
Well we are where we are. Priority one now has to be the leading milk price. If Kerry Group paid the money due I'd change my tune on the shares.<br />
I don't see why we should wait 24 months for a large conversion. <br />
Who will benefit here only the solicitors buying the shares, the Co op board with their pay, etc. Fat cats.<br />
<br />
All the while you and I have to sell our shares at less than half their value to pay our bills. We are the looser here yet again.

<br />
Things must be bad if people have to sell their Kerry coop shares to solicitors at half price,no milk price increases could make up for that loss

Kerry2016

alps wrote: »

The very best of luck to all parties here. I have absolutely no idea what's going on.

I just pray that
My coop shares are only ever worth 1 euro
That the coop keeps it's MO...collect the milk, process it, sell it.

And if weve anything left over after that, we can buy Kerry or glanbia shares.....

I feel it is my duty to point out that this person is talking total nonsense. The Co Op have had absolutely nothing to do with the picking up, processing or selling of our milk since 1986 when Kerry Group PLC first came into existence.

Milked out

He's not talking about kerry coop, he's talking about his own coop and looking in from the outside

Kerry2016

Chiarrai_abu wrote: »

I said when we went under 20% we would have no say with the Group and that's the case.
Well we are where we are. Priority one now has to be the leading milk price. If Kerry Group paid the money due I'd change my tune on the shares.
I don't see why we should wait 24 months for a large conversion.
Who will benefit here only the solicitors buying the shares, the Co op board with their pay, etc. Fat cats.

All the while you and I have to sell our shares at less than half their value to pay our bills. We are the looser here yet again.

I am a milk supplier myself but I honestly don't think we have the time to make the milk price the big issue, if we don't get the Co Op shares converted into PLC's then before we know it the Co Op's board of directors will have grabbed 25% of the Co Op shares from us and handed them out to the big new entrants with 200+ cow herds coming into dairy farming to help them produce cheap milk. We need to make a 100% share conversion the big issue at the next Kerry Co Op AGM.

fepper

Kerry2016 wrote: »

I am a milk supplier myself but I honestly don't think we have the time to make the milk price the big issue, if we don't get the Co Op shares converted into PLC's then before we know it the Co Op's board of directors will have grabbed 25% of the Co Op shares from us and handed them out to the big new entrants with 200+ cow herds coming into dairy farming to help them produce cheap milk. We need to make a 100% share conversion the big issue at the next Kerry Co Op AGM.

<br />
<br />
I don't think the board can GRAB 25% of our shares and dish them out to who they want to,totally against company law but AGM should be interesting to be at this year with these revelations that you have posted on here

Kerry2016

fepper wrote: »

<br />
<br />
I don't think the board can GRAB 25% of our shares and dish them out to who they want to,totally against company law but AGM should be interesting to be at this year with these revelations that you have posted on here

Click onto my profile and read over my posts and you'll see where I explained how the board plan on grabbing the 25% of our shares. Long story short the next conversion the board would do would be a minor one and a clause of the conversion would be that the "B" and "C" shareholders would lose their voting rights. People are so desperate to get any of their Co Op shares converted into PLC's I think that the board would actually manage to pull it off. If only the "A" shareholders had a vote then the board would more than likely find it relatively easy to do whatever they'd like as regards dishing the shares out to new supplies etc.

fepper

I understand what your saying, your right alerting us to what the board could do so if any rule changes are proposed,we examine any changes carefully to make sure everything is agreeable with us and vote accordingly.

Kovu

Kerry2016, I only just noticed that you have three concurrent threads in which you are discussing the same topic. I've amalgamated the two here on farming, I'll leave it up to the Kerry forum mods to see if they want to leave the one open with them.

Also I note a lot of 'thinks, believes and possibilities' floating around. Can we try and avoid speculation as it is all up in the air at the moment with no definite plans that I can see. If you have any backup other than hearsay, please include it.

-Kovu-

Kerry2016

Kovu wrote: »

Kerry2016, I only just noticed that you have three concurrent threads in which you are discussing the same topic. I've amalgamated the two here on farming, I'll leave it up to the Kerry forum mods to see if they want to leave the one open with them.

Also I note a lot of 'thinks, believes and possibilities' floating around. Can we try and avoid speculation as it is all up in the air at the moment with no definite plans that I can see. If you have any backup other than hearsay, please include it.

-Kovu-

What back up would you like me to provide? I am offended you said all of what I have said is only hearsay. You are wrong about this and it's very damaging to the point I was making. I looked at your previous posts and you haven't commented on anything lately about Kerry Co Op shares etc, if you were in the know about them you'd know that what I am posting about Kerry Co Op shares is very useful to the shareholders and is actually vitally important so unless you've got something constructive to say I recommend you leave it upto someone who knows what they're talking about.

Kovu

Kerry2016 wrote: »

What back up would you like me to provide? I am offended you said all of what I have said is only hearsay. You are wrong about this and it's very damaging to the point I was making. I looked at your previous posts and you haven't commented on anything lately about Kerry Co Op shares etc, if you were in the know about them you'd know that what I am posting about Kerry Co Op shares is very useful to the shareholders and is actually vitally important so unless you've got something constructive to say I recommend you leave it upto someone who knows what they're talking about.

Where on earth have I said that all of it is hearsay, I merely stated that some posts have floated around ideas with no proof. It might be useful to the shareholders but boards.ie is liable for all posts that are allowed on here. So if false allegations are made it's them who are liable for incorrect statements.


-Kovu-

fepper

Kerry2016 wrote: »

if we don't get the Co Op shares converted into PLC's then before we know it the Co Op's board of directors will have grabbed 25% of the Co Op shares from us and handed them out to the big new entrants with 200+ cow herds coming into dairy farming to help them produce cheap milk.

how could giving them coop shares help them to produce cheap milk?? Cheap milk for plc or cheaper milk costs for farmer,doesn't make sense

kerry cow

Been a kerry farmer I find it difficult to believe that there will be more than a handful of new start up suppliers over 200 cows , milking a large herd myself I know the land blocks are not there in the kerry supply region , it is even difficult to see too many existing herds go over the 200 cow mark , it is completely a different story on the eastern side of the country ,
Also been a owner of all classes of co op shares I find it difficult to digest that the shares I purchased that are , b r c share that I have for personal reasons would be given away to new entrant , not going to happen , as I already posted , the co op board need to get on with running the day to day business of our milk price and do more on our input costs and as all farmers I know who have any intelligence , know the sooner the shares are converted the better ,
The notion that as a business we should invest our assets to support our business is flawed , farmers should focus on our board to deliver a liveyhood to our working farmers , the shares are all co op holders assets past and present ,
I cant stand bull ****

fepper

If all shares were converted,coop board gone as well,who'll represent you then re milk price,input prices,you may have to invest your assets into another type of Kerry coop again