MAJOR PROBLEM Kerry Group Old Shares

Kerry2016

In the Kerry Co Op board 4 of the directors are conspiring to grab 25% of the existing shareholders shares. They are hatching up a plan to take the vote back off the "B" and "C" shareholders in the Co Op in order to execute their plan. They want to give the shares out to the new start up dairy farmers with 200+ cows in order to help them produce cheap milk and put the rest of us out of business for once and for all. It is vitally important to show up to the next Kerry Co Op AGM and to get all of our Co Op shares converted into PLC shares before the board grabs them from us. PLEASE SPREAD THE WORD.

fepper

Can they really do that without a vote

Kerry2016

fepper wrote: »

Can they really do that without a vote

The Co Op board are going to hold us to ransom by offering a 20% conversion, one of the clauses of the conversion will be that the "B" and "C" shareholders will lose their vote. And then only the "A" shareholders (all the milk suppliers who hold 1 or more Co Op shares) will be the only ones allowed to vote in such matters and then they can do what they like with the Co Op shares, ie. sell the shares to prop up the milk price just like Glanbia's Co Op have done.

newman10

Is this why Stan McCarthy is resigning from the Co-oP

Kerry2016

newman10 wrote: »

Is this why Stan McCarthy is resigning from the Co-oP

That is the main reason why, the 4 directors who are hatching a plan to grab everyone's shares were trying to bully him into paying a milk price which would be totally detached from reality in order for them to then let a share conversion go through. So seemingly as an act of defiance he has resigned from his position in the Co Op.

Henwin

when is the next agm

Kerry2016

Henwin wrote: »

when is the next agm

We're all asking the same question, the Co Op board aren't even capable of calling an AGM it seems

fepper

Its usually in June,then the dividends are paid on coop shares a few days later.

Kerry2016

fepper wrote: »

Its usually in June,then the dividends are paid on coop shares a few days later.

In previous years we'd always have been notified by now though.

fepper

We will soon no doubt.

BannerBarry

Reading the IFJ this week I am baffled by Jack Kennedy and the €450,000 pay he attributes to the 28 Kerry Co-op Directors.

I looked up the 2014 Kerry Co-op Accounts and see €0.7m Operating expenses.
Note 8 to the accounts states "Kerry Co-operative Creameries Limited utilises administrative services of Kerry Group plc for which no fee is charged"

In Irish Examiner we see a spokesman for Kerry states
"No executive in Kerry Group receives any wages from Kerry Co-op, and the group has never sought any payment for the services it provides to the co-op."


http://www.irishexaminer.com/business/kerry-group-reaffirms-its-commitment-to-milk-suppliers-398800.html

Where has the €250K difference gone here or has the IFJ understated the pay & expenses of the 28 Kerry Co-op Directors???

fepper

Do the advisory members from each creamery get expenses

BannerBarry

Kerry2016 wrote: »

Would it be hard to get a story printed in the farmers journal about the scheming by the Co Op board do ye think? it's definitely a newsworthy story with the way how we're being treated so badly by those fools, it would be great if we could expose them for what they are and name them in the farmers journal for the whole world to see what they're doing to us.

I think that comment is unfair. The Board in my opinion have interests in their business, ie Dairy Farming.
As the Co ops member base has moved from Active milk supplier to Dry shareholders the Board structure just haven't moved.

fepper

Kerry2016 wrote: »

Would it be hard to get a story printed in the farmers journal about the scheming by the Co Op board do ye think? it's definitely a newsworthy story with the way how we're being treated so badly by those fools, it would be great if we could expose them for what they are and name them in the farmers journal for the whole world to see what they're doing to us.

<br />
<br />
You defo have it in for the coop board members??,I'm hoping that they do their best on milk price and try to keep relations with plc as amicable as possible

kerryjack

You won t get any story printed on the journal maybe start off by writing a letter to the journal and put your name to it with your concerns. What exactly do you want to happen , you want the co op gone you want all shares spun out. There is a bit of a cosy cartel going on a great job if you can get on the board there pay in my calculations is 16000 which for what they do is high but not crazy like IFA or anything maybe they are 2 many board members but my view is that this is all to lucrative for it to just stop. But maybe someone has to shout stop.

fepper

Kerry2016 would you sign your name to a letter to farmers journal letters page detailing all Kerry coops plan according to you, you'd really put the cat among the pigeons then!!

CallofGuti

kerryjack wrote: »

You won t get any story printed on the journal maybe start off by writing a letter to the journal and put your name to it with your concerns. What exactly do you want to happen , you want the co op gone you want all shares spun out. There is a bit of a cosy cartel going on a great job if you can get on the board there pay in my calculations is 16000 which for what they do is high but not crazy like IFA or anything maybe they are 2 many board members but my view is that this is all to lucrative for it to just stop. But maybe someone has to shout stop.

If I were you, I'd contact Paul Mooney in the Journal. He writes good stuff and is a good lad. I met him before and, unlike a lot of them, he actually farms. Let him hear you out rather than write a letter and see what happens

BannerBarry

Dan White in the Sunday Indo had a good article today on the Co Op structure and the impact of current Milk prices on dairy farmers.

Interestingly is the spokesperson for Kerry pointed out the obvious of Kerry Co Op (Our Share Holding company) has " nothing to do with collecting, processing or paying for milk".... ie its not really a Dairy Co Op anymore.

"Stan will continue to be available to all shareholders and milk suppliers,"
Will Stan have a meeting with you Kerry2016... Forget Paul Mooney go straight to the Top :-)


http://www.independent.ie/business/irish/milk-price-crash-can-only-signal-an-increase-in-tempo-for-the-slow-dance-of-dairy-processing-marriages-34714552.html

fepper

so the coop board members are technically not representing milk suppliers legally as they are not supplying milk to kerry coop but kerry plc ?? its all coming out in the wash now

fepper

they really have no leg to stand on now to stay on as coop board members as they represent no one at anything now

kerryjack

If you know one of these farmers that are in serious trouble advise them to come forward and tell there story to the media they have these shares that could sort there problem but can't cash them in ,would make a great story.

fepper

I think the agm would be the place to question the need for a board now only claiming expenses off our coop bank a/c for being a board member in name only sitting pretty!!,I am going to email farmers journal ( the dealer) and tell them have a look at boards.ie(farming forum) to see that Kerry coop shareholders want full full conversion of their shares as the board now defunct

CallofGuti

Taken from their website.

News Desk: Patrick Donohoe
01 419 9500/ 087 766 4111
pdonohoe@farmersjournal.ie

Pat O’Toole
01 419 9500/ 086 825 2162
potoole@farmersjournal.ie

Paul Mooney
01 419 9500/ 087 235 0425
pmooney@farmersjournal.ie

BannerBarry

Kerry Co-Op got the Advisory Committee members to go door to door to the Active milk suppliers recently to have same supplier sign it was ok for the Co Op to represent them in the discussions with Kerry Group on the Leading Milk price row.

The Milk contracts are with Kerry Group, the Co-op served no purpose even in this instance and had no authority to legally discuss milk price on the suppliers behalf.

What a joke; Kerry Co-op appear not have any remit, purpose, power, voice, respect or future as far as one can see judging by what is said here.

The Co-Op Directors appear to act mainly in the interests of the 3300 milk suppliers but are legally obliged to act in the interests of the A, B & C Shareholders, all 13,000+ of us.

fepper

Well I suppose Barry the milk suppliers currently on the board have a right to discuss the milk price with the plc on behalf of the other milk suppliers but not on behalf of all the shareholders ,in the FJ it said that Kerry coop would be preparing a legal team to take on the plc on milk price,if the milk suppliers want to take on the plc on milk price tell the coop board members to fund this out of their own coop expenses!!

BannerBarry

Some chance of it been funded out of their own expenses!
Us Shareholders are paying for it.

Honestly it is correct that they represent the A Shareholders in the milk dispute.

The point was they did not have the remit to do so until the suppliers signed a power of attorney or such to allow the Co-op negotiate on the individual suppliers behalf with Kerry Group.

BannerBarry

Interesting to see in the Farmers Journal this week, your view section, a farmer has a similar grievance with Glanbia Co op as we have.

He notes 60% of members were not notified of the Glanbia Co-Op AGM or allowed attend even though they are shareholders.
He outlines how Glanbia Co-Op are using the Co ops assets (that are owned by the members) to Prop up milk prices to the tune of €25m.
What's worse is that €15m of this money is essentially being robbed from the Dry Shareholders to give to the current suppliers along with their own €10m of Co op funds.
Other jurisdictions call this FRAUD I believe.

He notes the Dry Shareholders will not stand idly by and watch a shareholding that has built up over many years be used in this way.
He notes the removal of his vote and also the devaluation of his shares and how the Glanbia Co-Op are not applying the CoOp Ethos.
He finishes by saying the proper thing to do is spin out the remaining Glanbia Co op shares to Plc shares.

His concerns are very similar to ours.

Glanbia Co-Op is a trading company for processing milk and has a 30% shareholding in Glanbia PLC.

We have a Non Trading Investment holding company and the majority of our shareholders don't get invited to the AGM or get a copy of the Annual Report, crazy application of rules I'm my opinion.

fepper

Can't see that in this weeks FJ Barry,maybe lasts weeks?

BannerBarry

Jaysus you are correct. I was not finished reading the 30 April Journal and pulled it out instead of this week's one.!
Well written article similar issues.

Carberry have their financial in the same edition.
Despite the highest milk prices their shares are worth €3.08 per share.
I wonder would they prefer Kerry co-op shares and Division 2 milk prices or Division 1 milk prices and shares worth €3.08?

fepper

When the quotas went,milk was the new GOLD , and still farmers suppliers seem to think its priceless?? While the real 24ct golden nuggets are buried under the co-ops floorboards,twisted thinking!!

Kerry2016

Anyone read the farmers journal this week yet? 2 articles were written in criticising my article last week about wanting the shares converted. I'm fairly certain that the Co Op board wrote the article on page 10, I'm fairly sure which one of the directors was behind it. In the paper it was supposedly young farmers who wrote in saying they'd no shares and the 13th payment was a big deal to them it was clearly a ploy by the board to put the issue of a share conversion out of people's minds before the AGM. I'm sick of young farmers giving out about not having shares. We handed out about 1bn worth of patron shares already, what more do they want?

kerryjack

Maybe its time there was a group set up that wants to protect our shareholding in the PLC and take on the co op even look at going down the legal route if we have to .

Kerry2016

That's very true. Those board members on the co op are something else. There's people going broke and getting thrown out on the side of the road, getting their farms sold by the bank and all this could be avoided if their shares got converted. And the board members are scrambling like rats on a sinking ship doing their best to stop a conversion so they can keep their jobs on the Co Op board earning 16,000 a piece. I've never heard the likes of them before.

kerryjack

Ya its the real kerry joke

fepper

Its good that you ruffled feathers there on the board re the journal,how to escalate to a all out war with the board not representing All SHAREHOLDERS is the question?

BannerBarry

I think it may ultimately require legal action on our behalf to get our Keery Co-Op shares to relise their correct value.

We do have the law on our side.
This is not the way this has to go if the Directors play ball with the B's and the C's and reflect the views of the majority of members.

A high proportion of Solicitors in Kerry and Limerick (alegedly) have shares in Kerry Co Op.
I'm sure we have adequate support and experience on the law if required.

We might have to contact the Healy Raes for help I think.... They are shareholders also I believe!

fepper

B and C shareholders are like passengers while A shareholders are steering the ship with the voting rights and agenda,maybe Il have to supply milk again to get my A shareholding status back again to be involved in voting rights,its a closed shop as it is

BannerBarry

The majority of A shareholders seem to be in favor of realising the full value of their shares also.
The exception being a few of new entrants that feel they have a right to our assets because they supply milk to Kerry Group, the company we own 13.7% of.

It appears to be the Directors of Kerry co-op that may be making as much in Director fees that realising the full value of their shares. I am not sure they are listening to the requirements of ALL their members.
As the accounts say they are "Your Directors". We need to remind them they are required to work for us and act in the interests of all the members.

Kerry2016

Everyone go look at page 8 of the farmers journal. The Co op board are publicly advocating the need to take our shares off us and give them out to young farmers. As far as the Co Op board are concerned our Co Op shares are up for grabs and they're going to give them out to whoever they want, they'll do it whenever they want to. The following board members want to take our shares off us: James Doyle, Conny Sullivan, Tom Galvin, Monday Hayes, O' Leary.

fepper

There was also a excellent letter from tom re his rights for a full exchange for his old shares for plc shares

fepper

And it's mundy not Monday and he was never in favour of any conversions from day 1

Kerry2016

Mundy must be desperate badly off, he's in a complete state of desperation trying to stop all our shares being converted so he can hang onto his position on the board earning 16,000 a year. Talk about having a chip on his shoulder.

BannerBarry

The Kerry Co-Op Annual Report should be out next week.

This should give more clarity on the never ending Strategic Review the Directors are paying themselves to conduct.

Were any members contacted by the Strategic Review Committee for feedback on the direction of what the members want instead of what the Strategic Review Committee wants?

fepper

This is the first time they have ever being questioned on their performances over years and they showed their lack of competence in not having a watertight agreement on milk price with the plc ,another reason to wind it up ASAP

BannerBarry

I think it calls us to question what their function is.
We have already questioned whether they are acting in the interests of all the members.

They do not operate a Trading company. All payments and communication of the A members is directly through Kerry Group. They have no sales or purchases like Glanbia Co-Op have.

They have no authority over the milk suppliers or access to their account details or addresses.

It looks like they made a bags of the MSA and possibly only 600 milk suppliers want Kerry co-op Directors representing them in milk price discussions.

They appear to be threatening non signed up suppliers that if they do not sign up that any benefits from the Mediation would not be given to them.

Kerry co-op may treat different groups differently buy Kerry Group do not.
All benefits would be given to all suppliers... bully boy tactics in the Journal article by the Co op.

fepper

Coop annual report delivered by postman now,interesting reading this morning!! Only €2.50 per share ,Doyle paying himself well with his negotiations skills??

BannerBarry

€2.50 is a bit miserable.
They get €3.06 per co op share from our investment in Kerry Group.
I do not think One51 pays a Dividend currently.

They must have a load of money in the bank now they are not paying us out..... Rainy day Directors termination payments fund I presume ;-)

popa smurf

fepper wrote: »

Coop annual report delivered by postman now,interesting reading this morning!! Only €2.50 per share ,Doyle paying himself well with his negotiations skills??

Thats 2.50 straight into the bank I persume the co op pay some sort of tax an the dividend they get from plc before they pay us 2 50

fepper

No the plc share divideds are taxed at source before payment to you and me,coop dividends paid to you and me are not taxed at source but are declared in your own a/cs so the grubby revenue can get a slice of it again,the dividends paid by plc to coop is tax free I presume??

BannerBarry

13 Kerry co op shares sold on Done Deal for €180 the seller said.
It's not good enough there is not a mechanism in place for those interested in selling their shares at full book value.
With all the cash in the bank as we see in the 2015 Annual Report this €20.3m should be used to pay a special divided or to buy back shares.
That equates to €5.15 per share in the bank and we are getting €2.50. Why not the remainder?

fepper

Latest I heard was €280 per share,that person took a big loss there,I wonder if that €20m includes dividends deposited by plc before pay out