No date has yet been set for a special general meeting (SGM) of Kerry Co-op shareholders to vote on two resolutions.
The first resolution deals with the society’s Share Redemption Scheme (SRS). It proposes that the shares in Kerry Group plc required to fund the SRS will be retained for that purpose.
“It will also have the effect of ringfencing the Kerry Group plc shares held by the Kerry Co-Op for redemption through this or future schemes,” according to a statement from the society.
The second resolution recognises that many Kerry Co-op shareholders supply milk through a company and that this practise should not undermine the A category status of those individuals.
The motion therefore proposes to reinstate “A status” to these milk suppliers.
The date for the SGM is yet to be confirmed in light of the revised public health guidelines issued by the Government recently.
“Kerry Co-op canvassed its advisory committee members with a majority expressing a preference that the SGM be held in person,” the society stated.
It is disappointing that we have no fixed date for the SGM
Kerry Group plc manages the Kerry Co-op share register. Despite some plc employees returning to the office on a phased and staggered basis, the society said that insufficient staff numbers were available to facilitate the registration and verification process of the SGM at this time.
“It is disappointing that we have no fixed date for the SGM, however, we respect the views and desires of our committee members for it be held in person.
“We await further guidance from the Government on return to office protocol and will update our shareholders accordingly,” said Kerry Co-op CEO Thomas Hunter McGowan.
“Given the circumstances of not having the technical staff to process the attendees, and the ruling out of an electronic option by the board, the only course available is to postpone the SGM until the co-op have the facilities to hold it safely,” said TJ Flanagan of ICOS.