The end of Kerry Co-op?

commentary on this subject in farming and media circles in recent months.

There hasn’t been much direction coming from the farm organisations on this issue either.

Instead, the notion of reinvesting the co-op’s wealth to relive its glory days when it had active roles in local businesses is doing the rounds.

The reality for many current co-op shareholders is likely to be very different. The vast majority don’t milk cows, most probably don’t even farm, and many don’t live anywhere near the Kingdom.

They see their shareholdings as gold-plated assets that have grown in value beyond their parents’ wildest dreams. These shares are not to be put on the line for some business play or attempt to reinvigorate the original Co-op.

In the same way that land is often a sacred investment for farmers, Kerry shareholdings, whether in the PLC or co-op, are considered family silver, never to be parted with unless in times of dire need.

At the same time, shareholders want to be able to make their own call as to when that need to sell arises.

This non-farming majority feel they are not represented by the co-op board, who are all farmers in their own right. In fact, the ‘dry shareholders’ — those with the B and C shares — rarely have even a vote.

One young ardent Kerry supplier who got in touch was adamant they are in “last chance saloon” territory in terms of getting their €2bn worth of shares converted, and wants the money to invest in the farm.

The views of dry shareholders may also be merging with those of active suppliers, who for one reason or another could do with the freedom to cash in some or all of their shares at different times.

A 100-cow farmer could easily have €100,000 if the shares were converted into PLC equivalents.

In fact, many’s a 60-cow Kerry farmer has passed on one or two million euro in Kerry shares amassed over the years.

It’s time to let their lucky descendants choose how to use their spoils.