Kerry Co-Op board agrees resolutions to be put forward at SGM; date unknown

KERRY Co-Op has announced two resolutions to put forward at a Special General Meeting (SGM) to be held on an unknown date.

A series of meetings of the advisory committees were held in August to discuss proposed rule changes.

The purpose of the first resolution is to add the share redemption scheme to the rule book to ensure that the shares in Kerry Group plc required to fund the share redemption scheme 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.

The second resolution recognises that many milk suppliers supply milk through a company and that this practise should not undermine the A category status of those shareholders. It is proposed to re-instate “A status” to those milk suppliers.

The date for the SGM is yet to be confirmed in light of the "revised public-health guidelines issued by the Government on October 22". Kerry Co-Op canvassed its advisory committee members with a majority expressing a preference that the SGM be held in person.

Kerry Group plc manages the Kerry Co-Op share register. Despite some plc employees returning to the office on a phased and staggered basis, they do not have sufficient numbers available to facilitate the registration and verification process of the SGM at this time.

Thomas Hunter McGowan, Kerry Co-Op chief executive officer and company secretary, said: "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."

TJ Flanagan, Irish Co-operative Organisation Society chief executive officer, said: "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."