Kerry Co-op shares sell for €619.50 each

Kerry Co-op has today, Wednesday, June 26, confirmed it will issue payment of €619.50 for each co-op share under the Share Redemption Scheme.

Following the placing of 835,000 Kerry Group plc shares by Kerry Co-op on Friday, June 21, the board of Kerry Co-operative Creameries Limited has said “it is pleased to announce that the total value of shares sold was €87.7 million”.

According to the board, “this represents an individual price of €619.50 for every co-op share”.

A statement from Kerry Co-op has said the board “is pleased to announce that all 1,475 applications under the scheme will be paid in full and the distribution of payments will be made by July 22, 2019.

For members applying for a partial redemption, new share certificates will be issued by August 10, 2019.

A second placing under the Share Redemption Scheme will take place in November 2019.

Commenting on the most recent update, the executive secretary of Kerry Co-op, Thomas Hunter McGowan,  said: “We are very pleased with the uptake and subsequent result of this the first tranche of the Kerry Co-op Share Redemption Scheme.

As stated previously, the scheme is the first step that the board has taken to allow shareholders to unlock the true value of their shares.

“We are actively working to introduce further initiatives that could lead to a capital scheme that will be of benefit to our members.”