Progressive Genetics is encouraging its customers to buy shares in the co-operative society, at a minimum investment of €1,000.
CEO Brendan Scanlon said the society aims to have more active trading members in the AI co-op, as currently, over 50% are dry shareholders.
He described this ratio of its members list as needing a “rebalance”.
Scanlon said the co-op wants to “give new entrants the opportunity to be shareholders”. The society told customers it is seeking new members to “rejuvenate” the share register, which currently has 3,400 members, and “maintain its co-operative ethos”.
He described investment in Progressive Genetics as attractive due its strong performance and assets, adding that investment today is very different from the risks original shareholders took in 1996.
The co-op’s board is elected from its shareholders in their respective areas and in this way, farmers can influence its breeding programme strategy going forward, said Scanlon.
This, he said, is important in light of climate change challenges.
Progressive Genetics says that at a minimum, new members can purchase 1,000 €1 ordinary shares for a total investment of €1,000, but encouraged investment of greater value.
As an incentive, the co-op has made a 4% rebate available on its shareholders’ annual net trade, for both new and existing active shareholders.
The rebate will commence for 2022, run for three years and will apply to trading accounts in September 2023, based on 2022 trading.
The co-op has laid out a series of examples of rebate return potential, including that if a shareholder spends €1,000 on AI, they will receive a €120 rebate cumulatively over the three years, a 12% return.