Dairygold shareholders give 98% approval to planned business split
The tranquility of the easy to listen tunes was in harmony with the mood of the 1,445 shareholders who gave a massive endorsement to proposals by the co-op's directors and management.
The purpose of the meeting was to take key decisions for an internal restructuring of the near €1 billion-turnover business.
A forest of hands bearing green ballot papers shot into the air to give a 98% approval to a resolution to approve the transfer of the non-farm businesses within the co-op - Consumer Foods, 4HOME and Alchemy Properties - into a wholly-owned subsidiary.
There was a vast display of pink voting slips to give 99% support to a second resolution to amend the co-op's rules to facilitate this internal restructuring.
The decisions must be confirmed at a confirmatory special general meeting in Mallow on January 27, but there was no hiding the delight of Dairygold's leaders at yesterday's outcome.
Chairman John Walsh described the vote as a very encouraging display of support for the planned development of the Dairygold business, which will continue to have milk processing and agri-trading as core farming activities.
He stressed the decisions had not changed the co-op's ownership but had established the correct structural framework for the group to be in a position to consider the strategic options that will allow it to develop its significant asset base.
Mr Henchy said it was very important to communicate clearly to people what the opportunities are to develop wealth for them from the assets they own.
"There was huge fear and questioning around this issue given the fact that people can not afford to screw up the use of their assets in the challenging times they live in," he said.
"We would see this type of support as actually increasing the pressure on us to make sure that we deliver for people," he said.
