Kerry co-op’s AGM on Tuesday did not reflect the tumultuous year the co-op has experienced.

The co-op’s prospects of buying into Kerry Group’s Irish dairy business barely featured.

Despite, or perhaps because of, the breakdown in talks between Kerry Co-op and the global plc food giant it formed as a dairy co-op in 1974, it’s understood only 123 people attended the AGM, held online due to COVID-19 restrictions.

That means only about 100 of the 12,500 shareholders joined the 21-strong co-op board at the AGM.

Meat and meals

Neither the sale of Kerry Group’s meat and meals business, which employs 4,500 people across Ireland and the UK, nor its subsequent purchase of food ingredients company Niacet, strongly featured.

There was some discussion around the prospect of a special general meeting (SGM), following the gathering of signatures to compel the board to allow a vote on measures that would prevent the board from making any significant investment without shareholder approval.

Such an SGM now seems likely, with a date in August suggested in the annual report for 2020 which was presented to the AGM. The board is understood to be comfortable with such a change being made.

Discussion

There was discussion around a higher dividend being paid for this year, on the back of a divestment in the co-op’s shareholding in IPL plastics (formerly One51) which realised €7.9m.

As of December 31 2020, the co-op’s assets were valued at €2,568m, up €45m on the previous year.

A fifth share redemption scheme closed for applications last Friday, 16 June. Payments will ensue on 23 July.

A total of 2,316 applications were made to the two share redemption schemes carried out in 2020, with 549 people selling all their shareholding.

The accounts showed a total of €115m was paid out in those two redemption schemes.