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MAJOR PROBLEM Kerry Group Old Shares

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    #1082
    kerrysoul
    Registered Users Posts: 144 ✭✭kerrysoul


    Have the Kerry Coop directors and chairman outlined the medium and long term plans for the Coop at the recent shareholder/supplier meetings. Is it a viable business or just a corporate structure whose sole existence is to benefit the farmer/directors.


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    #1083
    Kerry2016
    Closed Accounts Posts: 245 ✭✭Kerry2016


    kerrysoul wrote: »
    Have the Kerry Coop directors and chairman outlined the medium and long term plans for the Coop at the recent shareholder/supplier meetings. Is it a viable business or just a corporate structure whose sole existence is to benefit the farmer/directors.

    That's a good question. Mundy Hayes said last week "we need to keep the co op for the young farmers" and as he said it he couldn't even keep a straight face and started laughing and walked away.

    And to answer your question anyway, the only people who benefit from the existence of the Co Op are the 28 wrecks of farmers that are on its board


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    #1084
    Kerry2016
    Closed Accounts Posts: 245 ✭✭Kerry2016


    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 remember you telling me before Banner about that missing €1mn, is there anywhere obvious that they may have spent it?…

    On a separate note. If myself and a few more shareholders signed something anyway saying we wanted the Co Op's accounts for the year they'd have to give it to us wouldn't they? And then I'd also be able to see how many Co Op shares the board members have as well then would I?

    Also do you remember that Brian Lesley fella that the Co Op board wanted to make CEO of Kerry Co Op on €350,000 a year? He's after getting a job working with Kerry Radio one day a week, that goes a long way to showing what he's fit for


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    #1085
    BannerBarry
    Banned (with Prison Access) Posts: 452 ✭✭BannerBarry


    Kerry2016 wrote: »
    I remember you telling me before Banner about that missing €1mn, is there anywhere obvious that they may have spent it?…

    On a separate note. If myself and a few more shareholders signed something anyway saying we wanted the Co Op's accounts for the year they'd have to give it to us wouldn't they? And then I'd also be able to see how many Co Op shares the board members have as well then would I?

    Also do you remember that Brian Lesley fella that the Co Op board wanted to make CEO of Kerry Co Op on €350,000 a year? He's after getting a job working with Kerry Radio one day a week, that goes a long way to showing what he's fit for

    7 A and B shareholders can appoint their own Accountant to inspect the books of Kerry Co Op.
    I think it's essential this is done to explain the expenditure from last year.
    There is up to €500k spend on something. We would guess the trip to Amsterdam for the Advisory Committee and Directors.
    This was all 100% paid for out of the Kerry Co-op bank account. I have been told that by 2 Advisory Committee members.


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    #1086
    fepper
    Closed Accounts Posts: 2,434 ✭✭✭fepper


    No wonder they all scramble for advisory seats when a election comes up,its hardly because they really care for their fellow milk suppliers without benefits


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    #1087
    kerrysoul
    Registered Users Posts: 144 ✭✭kerrysoul


    Can you just ask the auditor at the AGM to explain in where the €500k was spent.

    A and B shareholders need to attend the next AGM in large numbers and from the floor put pressure on the chairman and board of directors to deal the share conversion delay. Give us an explanation as to why they are not converting our shares. This should also be the no.1 issue referred to in Mundy Hayes's report in the annual accounts.


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    #1088
    fepper
    Closed Accounts Posts: 2,434 ✭✭✭fepper


    kerrysoul wrote: »
    Can you just ask the auditor at the AGM to explain in where the €500k was spent.

    A and B shareholders need to attend the next AGM in large numbers and from the floor put pressure on the chairman and board of directors to deal the share conversion delay. Give us an explanation as to why they are not converting our shares. This should also be the no.1 issue referred to in Mundy Hayes's report in the annual accounts.

    I'm sure the 701 excuse will be paraded out again


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    #1089
    Kerry2016
    Closed Accounts Posts: 245 ✭✭Kerry2016


    They're planning on just dishing out another 25% of the shares after the 701 tax cert is sorted out anyway.

    Nobody wants a 25% conversion, we need to make it clear that they can shove 25% where the sun doesn't shine, it's everything or nothing as far as I'm concerned

    As an original shareholders who's shares were originally worth 11 PLC's it was an awful kick in the teeth when the Co Op board gave half of the Kerry Group shares belonging to me that they had in their trust away to Golden Vale farmers and then when one of the Co Op boards pals became chairman of One51 they threw away hundreds of millions of euros of all our money by investing in that white elephant and in doing so further diluted the value of our Co Op shares

    It would be more in the line of the farmers on the board to try do a half decent job of running their own little farms before they try run our €2bn investment company

    Something that the Co Op board don't realise is that the longer they push out a conversion the more momentum we'll gain in looking for a 100% conversion


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    #1090
    BannerBarry
    Banned (with Prison Access) Posts: 452 ✭✭BannerBarry


    kerrysoul wrote: »
    Can you just ask the auditor at the AGM to explain in where the €500k was spent

    No.. its too late at that stage. Remember the board meeting of 2 or 3 years ago. They were asked on thr breakdown of the Administration expenses and the answer was they left the analysis below in Princes Street that they had been looking at it below and forgot to bring to the AGM...... PROBLEM SOLVED AND LOWER FOR 2-3 YEARS.

    The easiest way is to formally request they support the analysis of the expediture well in advance of the AGM.
    A letter to the Company Secretary or maybe a letter to the Kerry Co op Board in the IFJ requesting this a few weeks in advance may ensure that this "error" of forgetting the analysis is not repeated this year and for last.


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    #1091
    Kerry2016
    Closed Accounts Posts: 245 ✭✭Kerry2016


    BannerBarry wrote: »
    No.. its too late at that stage. Remember the board meeting of 2 or 3 years ago. They were asked on thr breakdown of the Administration expenses and the answer was they left the analysis below in Princes Street that they had been looking at it below and forgot to bring to the AGM...... PROBLEM SOLVED AND LOWER FOR 2-3 YEARS.

    The easiest way is to formally request they support the analysis of the expediture well in advance of the AGM.
    A letter to the Company Secretary or maybe a letter to the Kerry Co op Board in the IFJ requesting this a few weeks in advance may ensure that this "error" of forgetting the analysis is not repeated this year and for last.

    I think I'll try get the accounts looked at by my accountant Banner, I'll just get the 6 or 7 other shareholders to sign off on if as well… to be clear it's 2016's accountants that I'll be getting and there's €500,000 unaccounted for in them then is it? That €500,000 definitely isn't the cost of the arbitration with solicitors fees is it?


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    #1092
    BannerBarry
    Banned (with Prison Access) Posts: 452 ✭✭BannerBarry


    Kerry2016 wrote: »
    I think I'll try get the accounts looked at by my accountant Banner, I'll just get the 6 or 7 other shareholders to sign off on if as well… to be clear it's 2016's accountants that I'll be getting and there's €500,000 unaccounted for in them then is it? That €500,000 definitely isn't the cost of the arbitration with solicitors fees is it?

    It's the 2015 that had the 1m in Administration Costs. The 2015 Accounts came out in June 2016.

    The 2016 accounts should be out in June this year... Heaven knows what costs they will show.


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    #1093
    Upthekingdom2
    Registered Users Posts: 13 ✭Upthekingdom2


    BannerBarry wrote: »
    It's the 2015 that had the 1m in Administration Costs. The 2015 Accounts came out in June 2016.

    The 2016 accounts should be out in June this year... Heaven knows what costs they will show.

    It appears Kerry CoOperative have a significant amount of issues to resolve, Taxation, ethical, Structural, expense controls, etc


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    #1094
    fepper
    Closed Accounts Posts: 2,434 ✭✭✭fepper


    Upthekingdom2 wrote: »
    It appears Kerry CoOperative have a significant amount of issues to resolve, Taxation, ethical, Structural, expense controls, etc

    Well they are being paid very well by the shareholders to make sure issues like these are sorted and it looks like they are causing more problems by being there as a coop that has no role in farming whatsoever


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    #1095
    Kerry2016
    Closed Accounts Posts: 245 ✭✭Kerry2016


    Our lovely chairman and the other 27 disciples who are running our €2,000mn investment company Kerry Co Op recently came to the convenient conclusion that no shareholders want their shares converted so I'm hereby inviting everyone to vote in the poll I posted above


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    #1096
    fepper
    Closed Accounts Posts: 2,434 ✭✭✭fepper


    Well done that sticking that poll up Kerry 2016, great idea,would it get more of a audience in the main farming forum


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    #1097
    Kerry2016
    Closed Accounts Posts: 245 ✭✭Kerry2016


    fepper wrote: »
    Well done that sticking that poll up Kerry 2016, great idea,would it get more of a audience in the main farming forum

    I'm not overly familiar with how this site works tbh coz this is the only thread I ever look at, maybe it would be no harm if you put up the same poll in the farming forum?


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    #1098
    fepper
    Closed Accounts Posts: 2,434 ✭✭✭fepper


    Kerry2016 wrote: »
    I'm not overly familiar with how this site works tbh coz this is the only thread I ever look at, maybe it would be no harm if you put up the same poll in the farming forum?
    Tell me how you put that poll here and I'll do it other forum


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    #1099
    BannerBarry
    Banned (with Prison Access) Posts: 452 ✭✭BannerBarry


    Kerry2016 wrote: »
    Our lovely chairman and the other 27 disciples who are running our €2,000mn investment company Kerry Co Op recently came to the convenient conclusion that no shareholders want their shares converted so I'm hereby inviting everyone to vote in the poll I posted above

    Great idea Kerry2016... Fair play... fresh thinking... something our Co op need seeing as their Strategic Review which has cost hundreds of thousands hasn't gotten feedback as far as I'm aware from any of their 13,000 members.... What a Quango.
    Let's see what the Poll says.
    Thanks again..


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    #1100
    Kerry2016
    Closed Accounts Posts: 245 ✭✭Kerry2016


    BannerBarry wrote: »
    Great idea Kerry2016... Fair play... fresh thinking... something our Co op need seeing as their Strategic Review which has cost hundreds of thousands hasn't gotten feedback as far as I'm aware from any of their 13,000 members.... What a Quango.
    Let's see what the Poll says.
    Thanks again..

    I think the "strategic review" is just the Co Op board members way of paying out extra money to themselves, how could we expect 28 farmers to know how to take forward a €2bn investment company. The Co Op board constantly sway from one extreme to the next about what they want to do with Kerry Co Op and I've come to the conclusion they've absolutely no idea what they're doing. They're just coasting along getting as much easy money and freebies as possible, they need to cop on to themselves though and realise the will of the 13,000 shareholders is going to prevail. Who in their right mind wouldn't want their shares converted at the end of the day


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    #1101
    BannerBarry
    Banned (with Prison Access) Posts: 452 ✭✭BannerBarry


    Kerry2016 wrote: »
    I think the "strategic review" is just the Co Op board members way of paying out extra money to themselves, how could we expect 28 farmers to know how to take forward a €2bn investment company. The Co Op board constantly sway from one extreme to the next about what they want to do with Kerry Co Op and I've come to the conclusion they've absolutely no idea what they're doing. They're just coasting along getting as much easy money and freebies as possible, they need to cop on to themselves though and realise the will of the 13,000 shareholders is going to prevail. Who in their right mind wouldn't want their shares converted at the end of the day

    It's time the 13,000 take back the power entrusted to the Directors as it does appear they are not acting in our interests or providing guidance on future direction for our Investment Holding company.

    It's crazy but our shares could be worthless or worth €450 by the actions of the 28 Directors... where else would 28 decent farmers be allowed run the 8th largest company that would be on the Irish Stock Market.... And be unregulated... allowing Directors, if they like, (and Via their familes, sons and daughters in laws, and friends) trade as they like on these shares on the Grey market and potentially make huge money.


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    #1102
    fepper
    Closed Accounts Posts: 2,434 ✭✭✭fepper


    BannerBarry wrote: »
    It's time the 13,000 take back the power entrusted to the Directors as it does appear they are not acting in our interests or providing guidance on future direction for our Investment Holding company.

    It's crazy but our shares could be worthless or worth €450 by the actions of the 28 Directors... where else would 28 decent farmers be allowed run the 8th largest company that would be on the Irish Stock Market.... And be unregulated... allowing Directors, if they like, (and Via their familes, sons and daughters in laws, and friends) trade as they like on these shares on the Grey market.

    At this stage the only direction that I'd be comfortable by the coop board is full conversion and feel very uncomfortable that this coop board seem to think I put my faith in them,no way Jose....


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    #1103
    kerry cow
    Registered Users Posts: 1,302 ✭✭✭kerry cow


    Looks like 2016 is on moderate thin ice !!!!


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    #1104
    mickey joes
    Registered Users Posts: 10 ✭mickey joes


    No concersion here until 701 sorted. Will happen in 2018 in one go IMO. Patients needed. No need to be demanding/fightting. Money talks- Common since will prevail. I'm sure the Co op directors have some shares too & can count money so stay calm. It will all be fine in the end.


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    #1105
    BannerBarry
    Banned (with Prison Access) Posts: 452 ✭✭BannerBarry


    mickey joes wrote: »
    No concersion here until 701 sorted. Will happen in 2018 in one go IMO. Patients needed. No need to be demanding/fightting. Money talks- Common since will prevail. I'm sure the Co op directors have some shares too & can count money so stay calm. It will all be fine in the end.

    We have been hearing that for years.... "It will be fine on the day". .. my policy based on what we have seen is assume the worst and fight for the best.
    Our shares are worth €450 but we will have to fight for it I believe. The Directors do not appear to be in any rush to realise this our guide us to hold tough and not sell until they are all converted.... ostrich strategy... Bury heads in sand.


    Fight on troops... We need to remind these 28 we own the company.


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    #1106
    Kerry2016
    Closed Accounts Posts: 245 ✭✭Kerry2016


    mickey joes wrote: »
    No concersion here until 701 sorted. Will happen in 2018 in one go IMO. Patients needed. No need to be demanding/fightting. Money talks- Common since will prevail. I'm sure the Co op directors have some shares too & can count money so stay calm. It will all be fine in the end.

    Unfortunately I think your optimism is unfounded tbh, I get the impression that there's a better chance of the world ending than there is of our current chairman converting all our Co Op shares into PLC shares. Most of the Co Op board have only very small amounts of shares. The Co Op's chairman is on €28,000 a year plus all the expenses and the Co Op board members that get nominated for the PLC's board are on €60,000 a year so I don't think any of those turkeys will be voting for xmas any time soon


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    #1107
    fepper
    Closed Accounts Posts: 2,434 ✭✭✭fepper


    Kerry2016 wrote: »
    Unfortunately I think your optimism is unfounded tbh, I get the impression that there's a better chance of the world ending than there is of our current chairman converting all our Co Op shares into PLC shares. Most of the Co Op board have only very small amounts of shares. The Co Op's chairman is on €28,000 a year plus all the expenses and the Co Op board members that get nominated for the PLC's board are on €60,000 a year so I don't think any of those turkeys will be voting for xmas any time soon

    thats up to shareholders not up to coop directors if this practice is to continue and hopefully 2017 will put a end to this....


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    #1108
    fepper
    Closed Accounts Posts: 2,434 ✭✭✭fepper


    Your poll going well there Kerry 16,still at 100%,pity farming forum didn't allow it as well


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    #1109
    kerry cow
    Registered Users Posts: 1,302 ✭✭✭kerry cow


    Any one using agri land news app ?
    Maybe kerry 2016 could get them to poll .They do one , once a month about different topics ?


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    #1110
    fepper
    Closed Accounts Posts: 2,434 ✭✭✭fepper


    kerry cow wrote: »
    Any one using agri land news app ?
    Maybe kerry 2016 could get them to poll .They do one , once a month about different topics ?

    Kerry coop is a local issue not a national issue so doubt agriland would allow it


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    #1111
    Kerry2016
    Closed Accounts Posts: 245 ✭✭Kerry2016


    What would be the best way to get in contact with agriland? It's worth a try anyway to see if they'll do the poll… a Co Op called Newtownsandes here in Kerry recently got taken over by new management because the shareholders ousted the lads that were running it. Newtownsandes Co Op apparently had something like €2 million in the bank and its suppliers were desperate to get their hands on it. The suppliers called meetings, took out adverts on newspapers, local magazines and soon after they had new people running the co op, maybe we can learn a thing or two from them


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