MAJOR PROBLEM Kerry Group Old Shares

popa smurf

Power money and greed a great combination

fepper

It is also about the board that has 28 members that basically have nothing to do cos the plc is looking after its investment and returning a dividend so lets start with this problem first

fepper

Upthekingdom2 wrote: »

Looks as if the Kerry share saga willbe dragging on for quite a few years yet.
Its a pity it has ended so badly considering the great legacy of a great company

What makes you think Its ended,if anything its more likely now than ever

kerrysoul

The board of the Coop are more than happy to drag this saga on for as long as possible and in the meantime accumulate fees and expenses out of the PLC dividends. Afterall turkeys don't vote for Christmas

fepper

kerrysoul wrote: »

The board of the Coop are more than happy to drag this saga on for as long as possible and in the meantime accumulate fees and expenses out of the PLC dividends. Afterall turkeys don't vote for Christmas

At least its out there for all to see and question it,if they want to let it continue,so be it!...

BannerBarry

Michael Creed

Minister for Agriculture Michael Creed does not declare any farmland on the register, but he declares that he did have shares in Kerry Group which were disposed of on 23 August 2016, not long after he was appointed as Minister for Agriculture in the 32nd Dáil.

Billy Kelleher

Fianna Fáil spokesperson on Health, Billy Kelleher is a farmer and TD for Cork North-Central. He has shares in Kerry co-op and Kerry Group plc, Tralee, Co Kerry. He also has 126 acres of a dairy farm at Ballyphilip, White Cross, Co Cork, and 60 acres at Coolgreen, Whites Cross, Co Cork.

Billy Kelleher s support on 701 would be be greatly appreciated.

fepper

There is so many conflicting reports whether we have 701 now or not,there is bound to be someone in authority that can answer this apart from the coop board itself

BannerBarry

fepper wrote: »

There is so many conflicting reports whether we have 701 now or not,there is bound to be someone in authority that can answer this apart from the coop board itself

Why can the Chairman not answer a simple question like this straight when asked?
If the board are not going to be answerable to its shareholders then we need to discuss options available to us to bring some power back to shareholders... the board have all the power, and giving no answers

fepper

It has come down to that Barry and we need to find the answers ourselves,its really them against us scenario

Upthekingdom2

fepper wrote: »

It has come down to that Barry and we need to find the answers ourselves,its really them against us scenario

Contractually are there any options to shareholders to oust a Chairman?

fepper

The chairman is not the problem,its the whole board directors that inherited a full working coop style of leadership that ended with the formation of Kerry plc and coop board wont or don't want to lose the benefits that come with these phantom positions in a non working coop....

BannerBarry

Fully agreed. We need to ensure that we stand firm and demand the 100% conversion when the tax issues are resolved.
Fingers crossed the Patronage tax issue with the revenue is won on the appeal.
If not the Co op will take the issue to the High Court and this will drag on for 4 or 5 years.

Our solicitors will empty the €20m in the bank and our Co op directors will keep their Phantom roles (Nice one Fepper) for another 4-5 years.

After the test case is heard we need to take action if the conversion isn't coming.

kerry cow

When and where is the next co op agm .I presume it's open to all .it should make a very interesting meeting .

BannerBarry

kerry cow wrote: »

When and where is the next co op agm .I presume it's open to all .it should make a very interesting meeting .

The next AGM meeting should Tuesday 20th June. These meetings, by pure coincidence, are on when the sileage is been made and the weather is often really good.

It's open to all A & B shareholders.... the lower cast C shareholders like myself are not entitled to attend.... so much for Co op ethos... one man (person) one vote!

kerry cow

On what ground are c holders excluded ? Does the board not represent all holders ? .
I don't have a shares but c shares I bought .now that I have began to dairy on my own this spring , wonder can I convert my shares to A shares? ??

fepper

That's a interesting question on share status,id say you'd have to ask Mundy as the coop board are the only ones that can change it,I'm B now,was A when milking,would I be automatically be upgraded to A by Kerry coop if I again supplied milk to plc?......

fepper

kerry cow wrote: »

On what ground are c holders excluded ? Does the board not represent all holders ? .
I don't have a shares but c shares I bought .now that I have began to dairy on my own this spring , wonder can I convert my shares to A shares? ??

Maybe your last line should be WONDER CAN I CONVERT MY SHARES TO € SHARES? ?? instead of A shares

BannerBarry

kerry cow wrote: »

On what ground are c holders excluded ? Does the board not represent all holders ? .
I don't have a shares but c shares I bought .now that I have began to dairy on my own this spring , wonder can I convert my shares to A shares? ??

KerryCow you can apply to the board to have your shares reclassified as a shares.
This will entitle you to attend and vote at agm.
Your attendance will entitle you to ask the akaward questions that not many more are asking.
It's worth doing and u can get details for you if you like.

Hopefully the co op won't be around with 1.8bn assets being held by it but we have heard the positive spin before on conversions... let's be prudent and assume the worst and be prepared

kerry cow

I think I'd rather my shares classed A shares rather than C share because anything is possible and I think the board is capable of setting any agenda going forward so I d rather be A share holder .

fepper

You'd be eligible for committees to stand and vote and AGM,we're trying to end this charade,Barry,what do you mean by assume the worst and be prepared?.....

BannerBarry

fepper wrote: »

You'd be eligible for committees to stand and vote and AGM,we're trying to end this charade,Barry,what do you mean by assume the worst and be prepared?.....

I mean we hears many years ago they shares would be converted. It has not happened. Kerry
Cow may as well move to A shareholding so he has a vote as we are unlikely to be 100% converted in the next 12 months. KerryCow hen has a vote and a say in the Co op.

We need to assume the Co op will it convert all our shares and do everything we can to push them to do this.
Assume the worst and plan for the best case I say.

BannerBarry

I thought a poster here said recently Mundy confirmed at one of the Agribusiness meetings of Kerry that the Co op was not interested in buying back the Agribusiness side? When has the change of approach occurred?
One can ask the Co op Secretary to see their own account and the register of shares but this is only for your own shares if you have them in Kerry Co Op

fepper

They'll be no buy out of agribusiness by coop,if anything consolidation of agri-businesses between coop/plc all over the country will be the future,I've never heard the plc say the agribusiness was a goldmine

fepper

How in gods name would you know if they are going to put in a clause to stop Bs from voting ,lots of shareholders might be still be gullible but the past publicity has made a lot of these wiser

Kerry2016

We have to stay on our toes with the Co Op board. As ye all already know our former chairman is the one still calling the shots, he's clearly being driven on by some ulterior motive to stop all our shares being converted, to tell the truth everyone knows our current chairman is only the puppet of our former chairman. Doyle could convince Mundy of anything. Believe it or not it is on the cards to buy back the Agribusiness, all the Co Op board members would be hiring their own children and relatives to run the new company that would spawn then and it would be then that the party would really start for them

2 big things that we need to know are: how many Co Op shares do the board members have and how is the Co Op spending the €2.5mn a year that they are taking out of our dividends - that's what would really worry me… the co op doesn't have a CEO that it needs to pay wages to, the current secretary of the Co Op is paid by Kerry Group, they don't have any premises what so ever that they have to put any money into, the Co Op board are on wages of €340,000 between them all so I ask, where is the money going and what are they doing with it??? I know the Co Op have €20mn in the bank but most of that money came from when they sold 1.5mn of our shares for €28 each back in 2011

fepper

I suppose they can do what they want with the 3.7% of our share value at their disposal but they cant touch the value of the remaining value last 10% without shareholders approval so thats ok for now,questions,questions,questions have to be asked at AGM...

fepper

Kerry2016 wrote: »

We have to stay on our toes with the Co Op board. As ye all already know our former chairman is the one still calling the shots, he's clearly being driven on by some ulterior motive to stop all our shares being converted, to tell the truth everyone knows our current chairman is only the puppet of our former chairman. Doyle could convince Mundy of anything. Believe it or not it is on the cards to buy back the Agribusiness, all the Co Op board members would be hiring their own children and relatives to run the new company that would spawn then and it would be then that the party would really start for them

2 big things that we need to know are: how many Co Op shares do the board members have and how is the Co Op spending the €2.5mn a year that they are taking out of our dividends - that's what would really worry me… the co op doesn't have a CEO that it needs to pay wages to, the current secretary of the Co Op is paid by Kerry Group, they don't have any premises what so ever that they have to put any money into, the Co Op board are on wages of €340,000 between them all so I ask, where is the money going and what are they doing with it??? I know the Co Op have €20mn in the bank but most of that money came from when they sold 1.5mn of our shares for €28 each back in 2011

So are you saying that board directors with hardly no coop shares are using their position to stop a full conversion out of spite for shareholders with more coop shares than themselves..maybe,could be jealousy and resentment..does happen,and farmers are notorious for that kind of attitude

Kerry2016

fepper wrote: »

There're fogging us off a long time now and getting away with it....

Agreed Fepper… the problem is that 99% of farmers aren't vocal enough about wanting their shares. Mundy Hayes is of the opinion that only 1 shareholder wants a 100% share conversion after the 3 meetings that took place last week in Killarney, Listowel and Limerick. People have to stand up and make themselves counted in future

Kerry Co Op's board of directors are walking all over us, they went to arbitration with Kerry Group over €6 million, the Co Op board themselves have €2,000 million of our money held hostage and there's nothing about it. The last time farmers were treated this badly in Ireland was when we were under British rule and the landlords could throw farmers out of their farms. What's going on with the Co Op board is even worse, they've got €2bn our assets locked away and have no intention of giving it to us

BannerBarry

Alot of good points on posts today.

A few points id like to make.

1) The board are not using our €2.5m they just don't pay out to us each year as a dividend.
They are leaving the surplus unpaid Kerry Grouo dividend sitting in the Co op bank account earning no interest while their members are paying 11.85% overdraft rates of interest.
Crazy I know but they will say they are not accountant's only 28 farmers.

2) They spend €1m last year, half of which is unexplained.

3) The accounts should this year show how many shares the board have.
Ask at the AGM if this is not the case to the Auditors who are present.
If they don't know vote them out... There are a lot of issues they could have picked up for us in the last few years.

fepper

BannerBarry wrote: »

Alot of good points on posts today.

A few points id like to make.

1) The board are not using our €2.5m they just don't pay out to us each year as a dividend.
They are leaving the surplus unpaid Kerry Grouo dividend sitting in the Co op bank account earning no interest while their members are paying 11.85% overdraft rates of interest.
Crazy I know but they will say they are not accountant's only 28 farmers.

2) They spend €1m last year, half of which is unexplained.

3) The accounts should this year show how many shares the board have.
Ask at the AGM if this is not the case to the Auditors who are present.
If they don't know vote them out... There are a lot of issues they could have picked up for us in the last few years.

i wonder barry would that have to include all shareholders shareholdings for the 13000 of us if that was applied here