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MAJOR PROBLEM Kerry Group Old Shares

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    #542
    NovemberJersey
    Banned (with Prison Access) Posts: 154 ✭✭NovemberJersey


    BannerBarry wrote: »
    I saw that article this morning... He should be feathered and tarred for those comments. It was an insult knowing nobody ever from any co op has paid Income Tax on such shares.. His lack of understanding or insulting attitude needs to be reflected in next election he puts his name forward for.

    Ya exactly, I've no problem paying tax but when new tax rules are made up on a whim just to extort money out of people then wouldn't we be fools to pay it and say nothing… Kerry Group shareholders are only getting such a hard time now because of Kerry being a successful company. Kerrys worth €13bn and employs 25,000 people worldwide, besides Glanbia every other Co Op is broke and contributes f@@k all to the economy


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    #543
    BannerBarry
    Banned (with Prison Access) Posts: 452 ✭✭BannerBarry


    The Kerry Co op board are meeting today with the Auditors( that missed all the tax issues and sneaked in a sly note to last year's accounts on the principle risks and Uncertainties of the company).
    Are they really now helping fight this tax issue?

    Will they be issuing a statement after the meeting?
    What else can the Board do at today's meeting?


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    #544
    NovemberJersey
    Banned (with Prison Access) Posts: 154 ✭✭NovemberJersey


    This is my last comment before I drive everyone mad but I hope someone puts it to the minister that we'll pay income tax on those patron shares when he starts paying money on that government sponsored slush fund they call the "expenses allowance"


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    #545
    fepper
    Closed Accounts Posts: 2,434 ✭✭✭fepper


    BannerBarry wrote: »
    The Kerry Co op board are meeting today with the Auditors( that missed all the tax issues and sneaked in a sly note to last year's accounts on the principle risks and Uncertainties of the company).
    Are they really now helping fight this tax issue?

    Will they be issuing a statement after the meeting?
    What else can the Board do at today's meeting?

    A apology to us shareholders for the mess we're all in!!....


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    #546
    theaceofspies
    Registered Users Posts: 577 ✭✭✭theaceofspies


    fepper wrote: »
    A apology to us shareholders for the mess we're all in!!....

    NEVER EVER take financial advice from a man striding along in a pin-striped suit 'caus he will always look after number 1. Right now there is no real Kerry Co-op only Kerry Group plc and even the dogs on the street know what style of suit they wear. This battle was lost 10+ years ago when the only strong representative and respected body (the Irish Farmers Association) lost the interest in its own members for reasons best known to the IFA (probably greed). Either this (or the annual abuse inflicted on farmers from the Department with late payments) would not have happened before 2000AD.
    All this c**p boils back to the fact that farmers do not have a strong voice to stand up for them when push comes to shove.


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    #547
    Kerry2016
    Closed Accounts Posts: 245 ✭✭Kerry2016


    Anyone see the article that pointed out Kerry Co Op has no chairman or CEO, 4 of its board of directors had their first ever meeting today which just so happened to be about whether or not farmers actually owe this €48mn of taxes on patron shares… the Co Op's board is totally out of its depth and they're a waste of money, they literally seem incapable of doing anything for us… infairness to them they're ordinary guys like any of the rest of us, it's a bit unfair to expect 28 farmers many of whom wouldn't have even finished school to be able to run a €2bn investment fund… did anyone else hear that one of the Co Op's board of directors actually thought that Kerry Co Op and Kerry Group PLC were all the one company? What kind of idiots are being given these positions of power


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    #548
    pakie ed
    Registered Users Posts: 96 ✭✭pakie ed


    Will there be another 400 lettersout tomorrow from the revenue.


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    #549
    dexter_morgan
    Registered Users Posts: 144 ✭✭dexter_morgan


    With all the controversy around the patronage shares at the moment, what are the chances of a share exchange in the next year? Are the current co op board in favor of another exchange?


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    #550
    fepper
    Closed Accounts Posts: 2,434 ✭✭✭fepper


    dexter_morgan wrote: »
    With all the controversy around the patronage shares at the moment, what are the chances of a share exchange in the next year? Are the current co op board in favor of another exchange?

    If a court case between Kerry coop and revenue comes to a head over patronage share value and Kerry win case,it would make conversion easier anyway


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    #551
    kerry cow
    Registered Users Posts: 1,303 ✭✭✭kerry cow


    Agree fepper
    Once this is resolved the conversion will happen .The dogs on the streets knew the conversion could not go ahead as revenue were at heads with kerry over tax and the Co op was no longer considered a co op once it had dropped below a certain percentage as what happened with the big Stan meeting back a few years ago when all the leading milk prices were promised and the farmers voted in their droves for stan to convert .All fine but now we are here with the revenue v farmer .Once it's resolved , it's trigger time . They couldn't solve it in house with the last 12 Months and so it was kicked to individuals to sort their own tax .don't tell me some one in kerry management didn't know this was coming .
    Kerry plc is alot wiser than kerry farmers think and are solely centered on profit .do you really think they give two feck about anything else .
    It's a establishment , a machine and doesn't do feelings .


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    #552
    BannerBarry
    Banned (with Prison Access) Posts: 452 ✭✭BannerBarry


    The Kerry co-op board has brought back a familiar name in its fight against Revenue over the shares issue. 

    Last Friday, the board of Kerry Co-op held an emergency meeting over the whole Revenue and patronage shares issue. The outcome which generated the most headlines was that the co-op board had written to Revenue asking for it to look at a test case.

    However, The Dealer can reveal that an equally big decision was taken at that meeting. Recently ousted Kerry Co-op board chair James Doyle has been brought back to help fight the case.

    Doyle is already the lead on the arbitration talks between Kerry Co-op and Kerry plc regarding the payout of the infamous 13th payment for 2015.

    He’s also seen as a seriously capable operator with an excellent grasp of the patronage share and tax issue with Revenue currently.

    Asked if it was a six- or 12-month contract with the board, Doyle just told The Dealer that he would be there as long as he could help and was needed.


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    #553
    fepper
    Closed Accounts Posts: 2,434 ✭✭✭fepper


    BannerBarry wrote: »
    The Kerry co-op board has brought back a familiar name in its fight against Revenue over the shares issue. 

    Last Friday, the board of Kerry Co-op held an emergency meeting over the whole Revenue and patronage shares issue. The outcome which generated the most headlines was that the co-op board had written to Revenue asking for it to look at a test case.

    However, The Dealer can reveal that an equally big decision was taken at that meeting. Recently ousted Kerry Co-op board chair James Doyle has been brought back to help fight the case.

    Doyle is already the lead on the arbitration talks between Kerry Co-op and Kerry plc regarding the payout of the infamous 13th payment for 2015.

    He’s also seen as a seriously capable operator with an excellent grasp of the patronage share and tax issue with Revenue currently.

    Asked if it was a six- or 12-month contract with the board, Doyle just told The Dealer that he would be there as long as he could help and was needed.

    Will this fiasco ever end??


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    #554
    BannerBarry
    Banned (with Prison Access) Posts: 452 ✭✭BannerBarry


    In fairness the alleged approach of the former Chairman has been a topic of many discussions on the reason for the great Kerry split this year.

    This old style approach may be just what is needed when dealing with the Revenue..... ;-)


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    #555
    kerry cow
    Registered Users Posts: 1,303 ✭✭✭kerry cow


    Sounds like one step forward , two steps back .This is ireland and now we will have kerryman jokes .no more paddy irish man's .Mr Doyle was voted out by the suppliers and now he's back .seriously bertie will be running the country again .


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    #556
    BannerBarry
    Banned (with Prison Access) Posts: 452 ✭✭BannerBarry


    kerry cow wrote: »
    Sounds like one step forward , two steps back .This is ireland and now we will have kerryman jokes .no more paddy irish man's .Mr Doyle was voted out by the suppliers and now he's back .seriously bertie will be running the country again .

    The Co op elections of 2 weeks ago should be held again until the ex chairman is elected in again... Lisbon Treaty Mark II... ignore the actual results until they get what they want ;-)

    1 man 1 vote Co op ethos and all that... except when it doesn't suit.
    This latest move could be bad for the Co op / Group Marriage counselling that looked to be going well again.


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    #557
    NovemberJersey
    Banned (with Prison Access) Posts: 154 ✭✭NovemberJersey


    Was it the co op board themselves that came up with this idea to bring back that fool of an ex chairman of ours?


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    #558
    BannerBarry
    Banned (with Prison Access) Posts: 452 ✭✭BannerBarry


    NovemberJersey wrote: »
    Was it the co op board themselves that came up with this idea to bring back that fool of an ex chairman of ours?

    No idea... While Chairman he may have given himself a Lifetime Co op contract like the Cork GAA Chairman!
    We spent €1m administration costs last year on something you know!


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    #559
    NovemberJersey
    Banned (with Prison Access) Posts: 154 ✭✭NovemberJersey


    BannerBarry wrote: »
    No idea... While Chairman he may have given himself a Lifetime Co op contract like the Cork GAA Chairman!
    We spent €1m administration costs last year on something you know!

    In what capacity are they bringing Doyle back for though? It looks like the revenue are going to push through their extortion of farmers with those tax bills they sent out, they're only pissing down on top of us at this stage


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    #560
    kerry cow
    Registered Users Posts: 1,303 ✭✭✭kerry cow


    What I am hearing is all accountants will respond on behalf of their clients to revenue next week to inform them that we will self declare our liabilities in due course but will be given 60 days to do so .at same time the judicial review will take place between revenue and co op test case and till that process is complete both the farmers and revenue will have to hold their lines .
    But if we lose the case what's the position with interest and penalties ?.
    The main thing is every one needs to stick together and do the same thing .We don't want some clown braking ranks and stumping up next week .


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    #561
    Kerry2016
    Closed Accounts Posts: 245 ✭✭Kerry2016


    There's bad news out there for anyone who would like a full conversion and disagrees with having 28 simpletons sitting on the Co Op board supposedly representing us farmers at a cost of nearly €1m a year

    I don't want to get my account here suspended but how about ye all take a guess who our next chairman is going to be…?

    I'll give ye one hint, he wants to never ever let half of the Co Op shares get converted - supposedly so the Co Op can maintain power

    Look at the ****ing milk price we got this year, it's there for ye all to be seen the Co Op have no ****ing power, they want to hold onto €1 billion of our shares so they can supposedly dictate to Kerry Group PLC what price they're going to pay for our milk

    Those lowlifes are going to hold onto €1 billion of our shares just so they can keep themselves on the Co Op board, get paid €250 a week each for being on the board

    By the time they have their tax paid on their salaries from the Co Op board it's only a few ****ing breadcrumbs that they have out of it, that's stopping us from getting all those shares converted


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    #562
    fepper
    Closed Accounts Posts: 2,434 ✭✭✭fepper


    They get paid expenses as far I know not salaries and think those expense payments are tax free


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    #563
    Kerry2016
    Closed Accounts Posts: 245 ✭✭Kerry2016


    Look for starters we're going to have to vote out all our local committee members because it's them that keep voting these lowlifes onto the Co Op's board

    Even if we had just 2 or 3 normal people on the co op board with some few brain cells it'd be a big help because the lads that are there are wasting our time as well as their own and they're not fooling anyone anymore


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    #564
    BannerBarry
    Banned (with Prison Access) Posts: 452 ✭✭BannerBarry


    NovemberJersey wrote: »
    Was it the co op board themselves that came up with this idea to bring back that fool of an ex chairman of ours?
    Kerry2016 wrote: »
    There's bad news out there for anyone who would like a full conversion and disagrees with having 28 simpletons sitting on the Co Op board supposedly representing us farmers at a cost of nearly €1m a year

    I don't want to get my account here suspended but how about ye all take a guess who our next chairman is going to be…?

    I'll give ye one hint, he wants to never ever let half of the Co Op shares get converted - supposedly so the Co Op can maintain power

    Look at the ****ing milk price we got this year, it's there for ye all to be seen the Co Op have no ****ing power, they want to hold onto €1 billion of our shares so they can supposedly dictate to Kerry Group PLC what price they're going to pay for our milk

    Those lowlifes are going to hold onto €1 billion of our shares just so they can keep themselves on the Co Op board, get paid €250 a week each for being on the board

    By the time they have their tax paid on their salaries from the Co Op board it's only a few ****ing breadcrumbs that they have out of it, that's stopping us from getting all those shares converted


    They need to be very careful on this one now.
    If they are holding on to shares for a group such as the A's they are likely to have a class action taken against them. The B's and C's won't put up with sectarianism any longer.


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    #565
    Kerry2016
    Closed Accounts Posts: 245 ✭✭Kerry2016


    BannerBarry wrote: »
    They need to be very careful on this one now.
    If they are holding on to shares for a group such as the A's they are likely to have a class action taken against them. The B's and C's won't put up with sectarianism any longer.

    I tried sending you a message banner but it said your inbox is full…

    Taking into account that the average fella on the board probably owns in the region of surely at least 1,000 Co Op shares wouldn't you think they'd want them converted if not for their own sake then for their children's sake… this **** of keeping back half of the Co Op shares just to suit themselves is stupid, anyone of them on the Co Op board could get voted out after their 4 year term anyway…. One good thing is that out of the last 5 Co Op board members that went for re election only 1 of them got back in, I know a few more that are going to be getting the boot when they come up for election next time too…


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    #566
    BannerBarry
    Banned (with Prison Access) Posts: 452 ✭✭BannerBarry


    IFJ Article Online has now changed

    The IFJ article earlier has now removed the reference to the former Chairman speaking to the dealer.
    It could be interpreted that the former Chairman contacted the Dealer and was complementing himself on his knowledge.
    This line is not removed in the IFJ and it reads completely different and the Dealer's contact the former Chairman is removed.

    Weird?


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    #567
    NovemberJersey
    Banned (with Prison Access) Posts: 154 ✭✭NovemberJersey


    I had a glance through the farmers journal just there… those fools printed a big article written by one of the Co Op board praising our ex chairman Doyle and all about the great man he is and how lucky we are to have him back on board… the reason that milk price deal has gone to arbitration is because he couldn't negotiate the deal properly back in 2011 and he didn't even have the ability to make it legally binding, he spent about €1m then sending out solicitors letters to all the milk suppliers over the leading milk price deal. spending everyones share dividends like that on the A suppliers is unlawful because it's favouring one set of shareholders over another. Never again am I buying the farmers journal after what I've just read, it's SICK


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    #568
    NovemberJersey
    Banned (with Prison Access) Posts: 154 ✭✭NovemberJersey


    And another thing, why do we need 28 people on the Co Op board swallowing up all this much money, they do f**k all anyway so couldn't 10 of them surely do the job instead of 28 and why do the same people keep getting voted back onto the board, if I was on the committee level I'd throw them all out, let everyone get a chance instead of the dictatorship that's there now, those board members think they own the Co Op


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    #569
    BannerBarry
    Banned (with Prison Access) Posts: 452 ✭✭BannerBarry


    NovemberJersey wrote: »
    And another thing, why do we need 28 people on the Co Op board swallowing up all this much money, they do f**k all anyway so couldn't 10 of them surely do the job instead of 28 and why do the same people keep getting voted back onto the board, if I was on the committee level I'd throw them all out, let everyone get a chance instead of the dictatorship that's there now, those board members think they own the Co Op

    28 good farmers, liked in their local pubs, running an investment holding company... it would be illegal if it were you or I offering financial advice and not being qualified.. These lads are running a 1.6 billion company and its supposed to be ok


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    #570
    fepper
    Closed Accounts Posts: 2,434 ✭✭✭fepper


    BannerBarry wrote: »
    28 good farmers, liked in their local pubs, running an investment holding company... it would be illegal if it were you or I offering financial advice and not being qualified.. These lads are running a 1.6 billion company and its supposed to be ok
    Good angle there Barry,ARE THEY BEING REGULATED BY THE THE CENTRAL BANK AS ALL INVESTMENT COMPANIES HAVE TO BE?


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    #571
    BannerBarry
    Banned (with Prison Access) Posts: 452 ✭✭BannerBarry


    If the had an Executive such as Stan as CEO I'm sure they were in good hands as he is Qualified but now they are in breach... I wonder what is the implications for running an investment holding company without the authority to do so?


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