Kerry Co-op shareholders agree by 80% majority to ownership changes

MORE than 1,600 Kerry Co-op shareholders yesterday agreed by an 80% majority to changes which will net them a €290 million windfall in a share exchange with Kerry Group.

Some 25% of the shares held by Co-op members will transfer to plc shares. The Co-op members will still retain 17.1% of the plc’s shares. The members had to agree to changes that would allow its ownership to dip below 20%. A second meeting on August 16 is expected to confirm yesterday’s vote.

Kerry Group corporate affairs director Frank Hayes said this meeting was a continuation of a process that started when the company first floated. Between yesterday’s meeting and another meeting scheduled for August 16, also in Tralee, the Co-op members are expected to agree to change the company rules to allow them to divest of a quarter of their shareholding in the group.