The debate around the future direction of Kerry Co-op is set to intensify. With the board preparing a communication to poll shareholder support for potentially acquiring assets to allow it become a “trading agricultural co-op with milk processing facilities”, a new group of shareholders has emerged in opposition to such plans.

The Kerry Co-op Shareholders’ Alliance is calling for the shareholders to be given the option of transferring the €2.3bn to its shareholders. They stand to gain €170,000 on average.

In his first major interview, Kerry Co-op secretary/CFO Thomas Hunter McGowan explains the co-op board’s thinking. He also talks about the arbitration case over the “13th payment” dispute with Kerry Group, and the need for the co-op to address its own share register to restore its eligibility for 701 tax relief for share spin-outs.

A share buyback scheme for non-farmer “C” shareholders, likely to cost between €72m and €158m, may be required.

The Kerry Co-op Shareholders’ Alliance wants an EGM to determine the co-op’s destiny, with all options on the table.

Kerry Co-op's destiny to be decided

What lies ahead for Kerry Co-op?

Battle is on for Kerry’s billions

Kerry Co-op secretary and CFO Thomas Hunter McGowan gives his first major interview as a new group of shareholders calls for the €2.3bn wealth to be transferred to the members.