Following the recent fine imposed on Davy stockbrokers by the Central Bank, shareholders in Kerry Co-op have raised concerns about how the firm may have operated the grey market for trading Kerry Co-op shares in recent years, the Irish Farmers Journal can reveal.

Their concerns relate to the possibility of whether Davy acted as both the broker and the buyer for Kerry Co-op shares, which could raise conflict of interest issues for the firm.

Following the introduction of a share redemption scheme by Kerry Co-op in 2019, Davy began buying up as many Kerry Co-op shares as it could lay its hands on for its clients.

However, Kerry shareholders have now raised questions as to whether there is a possibility that Davy may have purchased the shares for itself, with the possibility of redeeming them through the scheme for a significant profit.