MAJOR PROBLEM Kerry Group Old Shares

fepper

Kerry2016 wrote: »

I was only intending to buy about another €100k worth, I could surely get that much of them? There's no point when they're all converted regretting that I didn't buy more of them while I'd the chance, it's a handy way of making money compared to milking cows!

I see there is 1300 coop shares in one lot for sale by bailys solicitors church st Tralee!! Great chance to buy the whole lot of them but you'll have to whip out the cheque book

Kerry2016

fepper wrote: »

I see there is 1300 coop shares in one lot for sale by bailys solicitors church st Tralee!! Great chance to buy the whole lot of them but you'll have to whip out the cheque book

Thanks very much Fepper, I'll check it out

Kerry2016

I'm hearing in the last couple of days that the Co Op board of directors have absolutely zero intention of converting any shares any time soon, what have all of ye being hearing back?

I didn't hear that from a reliable source so I'm hoping he's talking **** as usual

fepper

Kerry2016 wrote: »

I'm hearing in the last couple of days that the Co Op board of directors have absolutely zero intention of converting any shares any time soon, what have all of ye being hearing back?

I didn't hear that from a reliable source so I'm hoping he's talking **** as usual

At AGM they got that endorsement to stay as is,the 701 is the lifeline for now and upcoming elections to plc board,turkeys don't vote yes for Christmas dinner that they'll convert for us is like throwing the bath water out with the baby still in it,I'm afraid we seem to be the few radicals on the sidelines

Kerry2016

At the Co Op's AGM the chairman made up all lies aswell that our shares from previous conversions could be subject to an 80% tax penalty because of the 701 tax cert debacle, that was total utter made up lies with absolutely no truth in it, he 100% fabricated it and with all the questions that were put to him he refused to answer any of them and said he'd answer them at the end of the meeting, he didn't answer any of them

Even when the conversion of the shares was suggested he never asked the people if any of them objected to a conversion

That Co Op is being ran by a total bunch of cowboys

Also boards better not ban me again for any of what I've said because besides saying that they're a bunch of Cowboys everything else that I said is undisputeabley factual

fepper

Kerry2016 wrote: »

At the Co Op's AGM the chairman made up all lies aswell that our shares from previous conversions could be subject to an 80% tax penalty because of the 701 tax cert debacle, that was total utter made up lies with absolutely no truth in it, he 100% fabricated it and with all the questions that were put to him he refused to answer any of them and said he'd answer them at the end of the meeting, he didn't answer any of them
Even when the conversion of the shares was suggested he never asked the people if any of them objected to a conversion
That Co Op is being ran by a total bunch of cowboys
Also boards better not ban me again for any of what I've said because besides saying that they're a bunch of Cowboys everything else that I said is undisputeabley factual

It was only in the last conversion that 701 seems to have popped up,rest of conversions before that seem ok,I suppose we should find out for sure if that's the problem going forward or a stalling tactic,bad management on co-ops part to have allowed this to happen if it was red flagged

BannerBarry

fepper wrote: »

I see there is 1300 coop shares in one lot for sale by bailys solicitors church st Tralee!! Great chance to buy the whole lot of them but you'll have to whip out the cheque book

Kerry2016 do you have €364,000 in the Current Account?
The guide on those 1300 shares is €280 per share. Just checked there.

They will be doing well if they make anything around €260-€280 level

fepper

We could all pool in together banner,us mavericks as it seems you'd have to buy the lot in one go, then divide,although with milk price rapidly rising,Kerry 2016 looking like he could Finance it with future bigger profits

BannerBarry

fepper wrote: »

I see there is 1300 coop shares in one lot for sale by bailys solicitors church st Tralee!! Great chance to buy the whole lot of them but you'll have to whip out the cheque book

fepper wrote: »

We could all pool in together banner,us mavericks as it seems you'd have to bit the lot in one go, then divide,although with milk price rapidly rising,Kerry 2016 looking like he could Finance it with future bigger profits

Count me out l... I could only pay the stamp duty!
Let's do a syndicate, I'm in for 1%... Fepper, are you in; Kerry2016 will you foot the bill for the remainder?

fepper

BannerBarry wrote: »

Count me out l... I could only pay the stamp duty!
Let's do a syndicate, I'm in for 1%... Fepper, are you in; Kerry2016 will you foot the bill for the remainder?

Sure Kerry 2016 could be sitting in bailys while we're chatting here signing the dotted line banner as he's gone quiet on this one. MANNA FROM HEAVEN,he'll surely buy me a pint for that info

BannerBarry

fepper wrote: »

Sure Kerry 2016 could be sitting in bailys while we're chatting here signing the dotted line banner as he's gone quiet on this one. MANNA FROM HEAVEN,he'll surely buy me a pint for that info

Id say you ate right. I saw a big 2016 Fendt on Denny Street and a servant opening the door for a young fella with a top hat.. He was met with a red carpet as he walked into the solicitors office.

fepper

BannerBarry wrote: »

Id say you ate right. I saw a big 2016 Fendt on Denny Street and a servant opening the door for a young fella with a top hat.. He was met with a red carpet as he walked into the solicitors office.

Ha, ha,I see in his last text here that he heard that coop board had no intention of converting anytime soon,well thought out delaying tactic there banner?? And the fendt was going to a bit slower getting in to town rather than the Audi Quattro,

BannerBarry

fepper wrote: »

BannerBarry wrote: »

Id say you ate right. I saw a big 2016 Fendt on Denny Street and a servant opening the door for a young fella with a top hat.. He was met with a red carpet as he walked into the solicitors office.

Ha, ha,I see in his last text here that he heard that coop board had no intention of converting anytime soon,well thought out delaying tactic there banner?? And the fendt was going to a bit slower getting in town rather than his Audi Quattro,

I'd say he may have told a few porkies first before signing the dotted line before. The Quattro is being upholstered so the Fendt was drafted in.. it was cleaned and polished before the journey... the army closed off Denny Street as he went in with the money... All cash I heard!

BannerBarry

fepper wrote: »

BannerBarry wrote: »

Id say you ate right. I saw a big 2016 Fendt on Denny Street and a servant opening the door for a young fella with a top hat.. He was met with a red carpet as he walked into the solicitors office.

Ha, ha,I see in his last text here that he heard that coop board had no intention of converting anytime soon,well thought out delaying tactic there banner?? And the fendt was going to a bit slower getting in town rather than his Audi Quattro,

I'd say he may have told a few porkies first before signing the dotted line.... keep the competition at bay.
The Quattro is being upholstered so the Fendt was drafted in.. it was cleaned and polished before the journey... the army closed off Denny Street as he went in with the money... All cash I heard!

fepper

Well it seems it may have put the frighteners into people to sell their coop shares and we could end up with kerr2016 being the largest shareholder calling the shots,the current board would be walking on eggshells no doubt,a Rupert Murdoch of the coop industry

BannerBarry

fepper wrote: »

Well it seems it may have put the frighteners into people to sell their coop shares and we could end up with kerr2016 being the largest shareholder calling the shots,the current board would be walking on eggshells no doubt

I would love to see a young progressive Director on the CoOp board.
It may bring more transparency to the whole process.
With his wealth he would not take a Directors salary and expenses no doubt.
With such a statement the othrr Directors would be pressurised into doing the same and we could all share in a dividend of €3.50 per share next year... Assuming the shares are not converted of course

fepper

Great idea Barry instead of going backwards to €2 if administration is going to be another huge expense,I suppose he's in the grand hotel with Louie at this stage sipping champagne ,hope he has the fendt parked securely for the night

fepper

Kerry2016 wrote: »

Thanks very much Fepper, I'll check it out

Are you the new owner of 1300 coop shares today Kerry2016 ??

BannerBarry

fepper wrote: »

Are you the new owner of 1300 coop shares today Kerry2016 ??

Kerry201, don't buy more than 29.9% of the company as you'll be forced to make a takeover bid for the company! You could get 8 seats on the board I presume with that shareholding.... nice perk for 5 of your friends, yourself, Fepper and me

Kerry2016

Lol no lads didn't do anything about it yet, been flat out with the last few days

I was going to sell PLC's to buy the Co Op shares but now I see the PLC's are only making €73.50, they're down from a high of €84, I wouldn't want to sell the PLC's for anything less than €80, I 100% would not pay more than €220 for Co Op shares

All analysts are pointing towards Kerry Group having good growth in front of them and I think the recent dip in Kerry's share price has to do with things that are out of Kerry's control… talks lately of German banks being at risk of going under was bad news for shares all over Europe, like I said before stock markets hate uncertainty

Also I've heard that the Co Op board are planning on setting up new interest free loans for farmers and using our shares as security against the loans, why should farmers ever bother paying back Kerry Co Op if they did take out those loans? They'd have no reason to pay them back, it's a mental idea. And at the end of the day what the **** does Kerry Co Op have to do with farmers anyway… Kerry Co Op have shares in Kerry Group, they actually do their best to drive down the share price of Kerry Group by trying to organise protests against them because apparently they're not paying enough for their raw material, I don't think there's a bunch of simpletons anywhere else on this planet that carry on like how the Co Op board does

Kerry2016

Another thing actually that I want to point out is that Kerry Co Op have shares in One51 which deals in scrap metals and recycling etc, now that scrap metal is making a poor price are they going to go around to all the scrap merchants and start handing them out interest free loans aswell because the company that The Co Op has shares in (One51) aren't paying the scrap dealers enough?!

They might as well do it, the whole Co Op is up **** creak with the way it's being run

BannerBarry

Kerry2016 wrote: »

Also I've heard that the Co Op board are planning on setting up new interest free loans for farmers and using our shares as security against the loans, why should farmers ever bother paying back Kerry Co Op if they did take out those loans? They'd have no reason to pay them back, it's a mental idea.

Surely they are not pledging €1.8 billion to give €545.5k loan to each of the 3,300 or so active milk suppliers?
Those numbers don't add up.

If they loaned the €20 million in the bank account in November post the Groups November dividend that would be a €6k loan to each of the suppliers.
This would be around 3 cent per litre not 82 cent per litre.

Our dividend would be at risk next year but at least they wouldn't be tying up our assets and deferring a conversion because of secured Group shares against massive loans..
If they give €545 thousand per milk suppliers I'm starting milking again and paying off the mortgage and loans with this interest free loan they give :-)

fepper

If they did give out interest free loans it would be based on shares amount they own per shareholder that want a loan I presume,could they also base these loans on plc shares owned?? So Barry are you saying that the dividends will pay the interest on these loans on behalf of coop

BannerBarry

fepper wrote: »

If they did give out interest free loans it would be based on shares amount they own I presume,could they also base these loans on plc shares owned?? So Barry are you saying that the dividends will pay the interest on these loans on behalf of coop

Not sure whether the loans (even if they only are considering this loan option under the Perpetual "Strategic Review" that's going on for 3 years) would be most likely based on production like Glanbias scheme.

I believe the scheme will never happen as why would a Investment holding company give a loan to milk suppliers of Kerry Group.
Would the share up be based on Group or PLC, etc.... its too dysfunction to even contemplate.

What I was saying is that even Anglo in its prime would not give 82 cent per litre loans to a section of members worth on average €545k each.

Realistically they would more likely give 3 cent per litre loan from the €20m cash in the bank doing nothing and claw back this loan in June or July when they need to pay the dividend out to us.

fepper

Your right there banner why would they give out loans when the coop has no long term benefit here,never heard it even mentioned or suggested,its plcs option to do this if loans taken out to increase production to farmers

BannerBarry

fepper wrote: »

Your right there banner why would they give out loans when the coop has no long benefit here,never heard it even mentioned or suggested,its plcs option to do this if loans taken out to increase production to farmers

100% right... why encourage more production via cheap loans when half the board of Kerry Co-op are availing of the milk reduction scheme themselves!!

Along with this loans to milk suppliers would show the Co Op Board are providing preferential treatment to one group of shareholders via granting these loans, again a recipe for legal action against the directors in a personal capacity for not acting in the interests of all the Kerry CoOp shareholders

Kerry2016

To the best of my knowledge our co op shares or some of them anyway would be used as security for the loans taken out, our share dividends would then be used to pay the interest on the loans… I presume a lot of the loans wouldn't be paid back like, what means would Kerry Co Op have of getting the money off the farmers? And yeah I think it would be some sort of scheme where you'd only be allowed borrow a certain percentage of your shares value…… what price do ye think is still good value for Co Op shares at the moment? Might try get some in before the November meeting of the Co Op board, have the right amount spotted so I'm going to enquire about them tomorrow

Ration

Hi guys new to this forum. extremely interesting points being made. What I am wondering is whether with shareholders or milk suppliers there must be alot if dissatisfaction with the current board. My question is why can't an emergency general meeting(EGM) be called and change the board members Im not sure the percentage of signatures that would be needed to attain this. Also at the AGM the chairman should be required to let the shareholders know what is the plan with the co op shares. He cannot keep everyone in the dark about it he is required to state the intentions of the board. These shares should be converted as they serve no purpose as co op old shares.it benefits the farmers and Kerry group. These people should be put under more pressure to state the intentions of the board . Why don't they have a newsletter each month. Too much money is being spent and everyone is still in the dark.. I think a petition should be made and an EGM called.

Kerry2016

Ration wrote: »

Hi guys new to this forum. extremely interesting points being made. What I am wondering is whether with shareholders or milk suppliers there must be alot if dissatisfaction with the current board. My question is why can't an emergency general meeting(EGM) be called and change the board members Im not sure the percentage of signatures that would be needed to attain this. Also at the AGM the chairman should be required to let the shareholders know what is the plan with the co op shares. He cannot keep everyone in the dark about it he is required to state the intentions of the board. These shares should be converted as they serve no purpose as co op old shares.it benefits the farmers and Kerry group. These people should be put under more pressure to state the intentions of the board . Why don't they have a newsletter each month. Too much money is being spent and everyone is still in the dark.. I think a petition should be made and an EGM called.

They Co Op's board know as well as anyone else that Kerry Co Op no longer serves any purpose whatsoever, their worst nightmare would be for an EGM to be called about the shares because if we do get an EGM then it's just all over, the will of the people would prevail and we would get our shares finally converted. Recently one of the other lads on this forum (BannerBarry or Fepper, I forget which) told me that 20% of the A & B shareholders could force and EGM to be called but that still would take 1,400 signatures on the petition, the practicalities of which are uncertain. Let alone do people not get newsletters etc almost half the shareholders in the Co Op are C shareholders and they aren't even allowed to attend the AGM's… the Co Op board don't make any attempt to follow the rules of the land with the way they're running it, it's a limited company, they frequently discriminate against certain types of shareholders which is illegal… the board of directors get paid something like €250 a week for being on the board, because of this they're blocking €2,000,000,000 worth of our shares being converted so they can hang onto their made up jobs

Ration

All it would need is a petition. I couldn't see how the board could stop you from filing a petition and I'm sure by law they would have to notify everyone who could vote of the petition. Surely the board have to see that they have no chance against a giant PLC like Kerry group. They have the best lawyers out there. Kerry group has always done well for the farmers it's just they expanded exponentially and the co op got left behind. It's life. Move on. And this stuff about loans now. If the shares were diluted they will get any loan they wish. If people want a conversion there should be no problem getting signatures. It just needs someone like you to get the ball rolling. Because if the board can't give straight answers of what they are doing with the old shares and no transparency they should be made accountable.