Shareholders denied entry to Lee Strand meeting
Shares in the co-operative which has a €14.8 million turnover, delivering pre-tax profits of €1.2m in 2003 have been trading in a grey market for close to €40 a share.
Close to 20 holders of B shares were refused entry to the agm in the Abbeygate Hotel in Tralee - only milk-supplying A shareholders were permitted.
Prior to the meeting, prominent Tralee solicitor Thomas J O'Halloran faxed a letter on behalf of disgruntled B shareholder Paddy McMahon to the company.
Mr McMahon has campaigned for the return of the right to attend the agm.
"Over the years as a milk supplier I put my heart and soul into Lee Strand and now we are being treated very badly," he said.
In Mr O'Halloran's letter Mr MacMahon acknowledges that B share do not, at present, have a right to vote.
"In this campaign, he has the written support of approximately 90% of the A shareholders and a majority of the B shareholders," Mr O'Halloran said.
It is understood that of close to 500 individual shareholders, just 108 are A shareholders.
Mr O'Halloran's letter states:
"If a proposal is put before the meeting under 'any other business', my client is satisfied that the A shareholders attending the meeting will support the proposal, allowing B shareholders to attend.
"I trust that the rights of the B shareholders will not be disregarded on this occasion."
Efforts to contact Lee Strand for comment failed.
