Shareholders in Kerry Co-op who submitted applications for the ‘cash for shares’ scheme are set for a multi-million euro payout this December.
Almost 1,400 applications have been received by Kerry Co-op in the latest window of its share scheme, which could see about €90m paid out.
Speaking to the Irish Farmers Journal, executive secretary of Kerry Co-op Thomas Hunter McGowan said he was still processing applications but would have a clearer picture by the end of the week.
The value of a Kerry Co-op share is equal to almost six shares in Kerry Group plc
If the number of shares submitted is similar to June, Kerry Co-op shareholders will be in line for an average payout of €65,000. McGowan said shareholders will have their cheques no later than 13 December.
The value of a Kerry Co-op share is equal to almost six shares in Kerry Group plc. Based on Kerry Group’s share price at €115 this week, a Kerry Co-op share is worth almost €680.
Separately, Kerry Co-op’s leading milk price committee will meet with representatives of Kerry Group today (Thursday) to begin negotiations on the contentious bonus payment for 2015 milk following the arbitration ruling in September.
