Kerry Co-op should not be starting a court battle with Kerry Group over the 13th payment. So says Kerry milk supplier Jerry Stack.
Co-op personnel called to milk suppliers last week seeking their go-ahead to take court action. Jerry said: “None of my neighbours signed. Kerry farmers are very loyal to Kerry Group.”
The issue of whether the 0.6c/l going out with this month’s milk payment as the 13th payment is enough is not big in his mind.
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He wants the co-op to distribute remaining group shares to farmers. “The 13th payment that the co-op keep harbouring on about would have a maximum value of €16m, whereas a 100% conversion would have a windfall of €2bn.
“We’ve contracts in place under which they are committed to taking our milk and pay the leading milk price. We can increase milk supply by 20% without investing in stainless steel. Farmers own 30% of the plc shares outside of the co-op.”
He has co-op shares with a see-through value of over €500,000.
“Yet I’m struggling massively on a day-to-day basis and am failing to bring down my €30,000 overdraft.”
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Kerry Co-op should not be starting a court battle with Kerry Group over the 13th payment. So says Kerry milk supplier Jerry Stack.
Co-op personnel called to milk suppliers last week seeking their go-ahead to take court action. Jerry said: “None of my neighbours signed. Kerry farmers are very loyal to Kerry Group.”
The issue of whether the 0.6c/l going out with this month’s milk payment as the 13th payment is enough is not big in his mind.
He wants the co-op to distribute remaining group shares to farmers. “The 13th payment that the co-op keep harbouring on about would have a maximum value of €16m, whereas a 100% conversion would have a windfall of €2bn.
“We’ve contracts in place under which they are committed to taking our milk and pay the leading milk price. We can increase milk supply by 20% without investing in stainless steel. Farmers own 30% of the plc shares outside of the co-op.”
He has co-op shares with a see-through value of over €500,000.
“Yet I’m struggling massively on a day-to-day basis and am failing to bring down my €30,000 overdraft.”
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