Dairygold members' share trading scheme starts well

Ireland: A new internal framework to enable Dairygold Co-op members to buy or sell shares between themselves in the near €1 billion a year turnover society has got off to a good start, according to the food processing giant.

The co-op confirmed yesterday that a weighted average share price of €1.90 has been paid for each €1 "par" value share traded in the co-op's first matched market trading period.

Dairygold's framework to enable the introduction of an internal share market among members was approved under the terms of the society's new rule book overwhelmingly approved by shareholders at a special general meeting in April 2004. Details of the number of buyers and sellers and the number of shares traded have not been disclosed.