MAJOR PROBLEM Kerry Group Old Shares

Yurt123

How good of a support can people expect to get at next years AGM as regards wanting further conversions?

BannerBarry

fepper wrote: »

At recent AGM,they certainly let the pro conversion side down with only a small proportion of a show of hands in favour and the ones that did put up their hand in favour looks like traitors in that room

That was a disgrace. Many of the attendees I suspect were Yes men... cowards and afraid to stand up for fairness.
Remember when same came to a vote in 2011 there was > 80% approval for conversion.

When fellas pockets are empty they will support a conversion. The problem is they do not have a fair structure to express their concerns today through the structure that is in place with the co op

Yurt123

We want all the C shareholders to come to this years AGM, they're as entitled as anyone else to be there, if the co op board want to try stop the C shareholders from attending they'll have to call the guards to the Brandon hotel and then that will be plastered all over the papers

BannerBarry

Yurt123 wrote: »

We want all the C shareholders to come to this years AGM, they're as entitled as anyone else to be there, if the co op board want to try stop the C shareholders from attending they'll have to call the guards to the Brandon hotel and then that will be plastered all over the papers

Great idea.
There are over 5000 C shareholders and if even 5% turned out 250 C's would be a great show of frustration with the current structure and the voices needed to get the point through that all shareholders are being robbed by the board of the asset values they are entitled to.

fepper

BannerBarry wrote: »

That was a disgrace. Many of the attendees I suspect were Yes men... cowards and afraid to stand up for fairness.
Remember when same came to a vote in 2011 there was > 80% approval for conversion.

When fellas pockets are empty they will support a conversion. The problem is they do not have a fair structure to express their concerns today through the structure that is in place with the co op

I suppose the information that comes out of this thread might open up peoples minds again in time for this years AGM so its easier to make a informed decision and be proactive and not passive sheep

Gaspode

@Yurt123 - unless you want to find yourself in court for slander you need to moderate your language and take more care about what you say in public about people. Any further talk like that and you will be banned from this forum

Yurt123

How many board meetings do the co op have each year? They surely don't just have 4 do they?

BannerBarry

Yurt123 wrote: »

How many board meetings do the co op have each year? They surely don't just have 4 do they?

I'd say ever 2 months or so. 6 max except for 2016 with all the Patronage share tax issues.... We will have a big bill in 2016 accounts I suspect for this.

fepper

Stan is retiring fully at year end from the plc,reasonable results from group,dividends €0.56 for full year, up €0.06 per share

BannerBarry

fepper wrote: »

Stan is retiring fully at year end from the plc,reasonable results from group,dividends €0.56 for full year, up €0.06 per share

Great results id say. Turnover, Gross Profit, Cash, Earnings per share and next year guidance all well up.
Stan retiring 30 September this year. Is the new man a Kerryman also?

Kerry co-op could pay us €3.43 per share now as a dividend if they did not have to pay themselves on the board so much.

fepper

Don't know if he's from Kerry but is Kerry's boss in Asia and that dividend will drop considerably for us I fear for unforseen costs in 2016

popa smurf

BannerBarry wrote: »

Great results id say. Turnover, Gross Profit, Cash, Earnings per share and next year guidance all well up.
Stan retiring 30 September this year. Is the new man a Kerryman also?

Kerry co-op could pay us €3.43 per share now as a dividend if they did not have to pay themselves on the board so much.

Fat chance of 3.43 would settle for 3 euro.A good set of results. Stan was a great CEO wish him well in his retirement he is only 60 he dead right to retire and enjoy his rewards wish our leaders of country would do the same you can't beat young fresh thinking in a company.

BannerBarry

popa smurf wrote: »

Fat chance of 3.43 would settle for 3 euro.A good set of results. Stan was a great CEO wish him well in his retirement he is only 60 he dead right to retire and enjoy his rewards wish our leaders of country would do the same you can't beat young fresh thinking in a company.

Never settle for anything less when the power to get the full is in your hands as a company owner!
Remember we have €20m in the bank.
This €20m is worth €5.13 per share.

Add on the €0.56 Group dividend and that's a further €3.43 per Co op share.
By May we should be able to pay €8.56 should we not have the Co op salaries and legal costs etc.

We need a dividend of at least €5 this year on that basis.
This money isn't doing anything sitting in the Co op bank!

fepper

Dream on Barry,that €20m could be for past and present board members for loyal services bonuses down thru the years!!!!......

Yurt123

If the co op board were to do a 100% conversion I'd be more than happy for them to take that €20m in cash and let them go on all the holidays to Amsterdam that they want then

BannerBarry

fepper wrote: »

Dream on Barry,that €20m could be for past and present board members for loyal services bonuses down thru the years!!!!......

You may be right. If fellas won't stand up for themselves and for what is right then that money may well be paid to the Board.

It's crazy fellas will bring a cow home from the Mart for not making €50 more and then they have €133000 worth of Kerry co op share on average trading at a Grey value of €54000 and they won't even turn up to the AGM and voice their concerns.

I don't get it.

Yurt123

The whole idea of them buying back the milk plants is what gets me, young people would rather do absolutely anything instead of dairy farming, it's difficult to foresee how the milk plants will be able to stay open in a few more decades because there'll be such a small pool of dairy farmers

There's a lot more to life than getting up at 6am every day of your life to milk cows

fepper

Very true Barry,but I do think we are doing our very best here to get those same people to fully realise what a closed shop we're dealing with and trying to break this monopoly

fepper

Yurt123 wrote: »

The whole idea of them buying back the milk plants is what gets me, young people would rather do absolutely anything instead of dairy farming, it's difficult to foresee how the milk plants will be able to stay open in a few more decades because there'll be such a small pool of dairy farmers

There's a lot more to life than getting up at 6am every day of your life to milk cows

There a thread going on in F&F,SELLING THE COWS and I'm sure lots of kerry sacrificial lambs to the cause could also be thinking this way and yet Kerry coop status is still seen as a pillar of spiritual guidance in 2017????

kerry cow

There are certain people at the top of the co op who want to live the old dream of the past and are trying to turn back the clock and walk in the footsteps of their fathers .
Dreamers .
Forget the plant and mills and move along .
It may take a face book page to get motivation or someone who knows how to move rock .
When is the next co op agm ?

BannerBarry

kerry cow wrote: »

There are certain people at the top of the co op who want to live the old dream of the past and are trying to turn back the clock and walk in the footsteps of their fathers .
Dreamers .
Forget the plant and mills and move along .
It may take a face book page to get motivation or someone who knows how to move rock .
When is the next co op agm ?

Well said.
Next AGM is June I would think.
There's the annual shareholders meetings in March is Limerick, Listowel and Killarney so make sure to turn up and voice your concerns at both.

fepper

Coop AGM in june 17,hopefully most shareholders know the facts now and last years AGM was the start of questioning the board for the first time on their continuation as a investment company for themselves and charging the shareholders for that privilege

kerry cow

Is it possible that the co op board are at ignorance to the fact of the existence of b and c holders and to the fact the all farmers want a conversion . Do they live in a bubble and do not see each day beyond their mobile phone chats with other co op seat holders about their big role as carers for farmers A shares .

fepper

And what's their role now even for A/milk suppliers,the only thing I can see is the option of buying milk processing facilities and that's only a option,no guarantee they'd get it not to mind fund it

Yurt123

There's some rumour going around that Mundy Hayes is trying to stop an AGM from being called this year

I'm not saying anything against him here now but he's getting an awful lot of stick lately and he deserves every bit of it

Farmers are in a bad way for money and the co op board are holding €1.8 billion of our shares ransom and I'm not sure if many people realise this but the co op board have absolutely no idea what they're doing, they're just coasting along

There's a lot more I could say but I won't

fepper

What's he getting the stick for and the AGM has to be held to pass the payment of dividends to shareholders and that's only one of its requirements

Yurt123

fepper wrote: »

What's he getting the stick for and the AGM has to be held to pass the payment of dividends to shareholders and that's only one of its requirements

I've been told that he's practically gone into hiding, doesn't go outside the door anymore and refuses to answer the phone

Like I said I don't want to say too much on boards but it really sounds like he's cracking under the pressure, as the saying goes "if you can't handle the heat then get out of the kitchen"… it's just going to get embarrassing for him from here on out

kerry cow

welcome back . A little more measured this time round . You can take the man out of the bog but you can't take the bog out of the man .It's just a saying .

fepper

And I think your going a bit overboard that farmers are in bad way over this,farmers with no shares in Kerry coop have to get on with making the same living so that argument wont work but the principle of the coop board investment structure is a smokescreen for soft money for doing nothing

Yurt123

fepper wrote: »

And I think your going a bit overboard that farmers are in bad way over this,farmers with no shares in Kerry coop have to get on with making the same living so that argument wont work but the principle of the coop board investment structure is a smokescreen for soft money for doing nothing

Below here in Kerry we've the worst land, my cows are in 6/7 months of the year, not really fair to compare my ability to make profit with that of a fella below in the very best of land in Cork

It's said that it costs at least 27c/L to produce milk, we're getting paid 30c/L now at the moment, the average fella produced 300,000 litres of milk a year, in a year like this one he can hope to make €9,000 profit from his dairy farm… fees into universities each year alone are €5,000… when you factor in what it costs to rear a family these days dairy farming isn't at the races