As a Kerry Co-op shareholder and dairy farmer, I’m alarmed by what I consider to be the misinformation spreading about the upcoming Joint Venture (JV) vote on December 16.
[**For info: If the proposed deal is approved by shareholders, Kerry Co-op would initially take a 70% stake in Kerry Dairy Ireland (€350 million), with Kerry Group retaining a 30% interest**].
The idea that voting no will lead to securing the JV at a bargain price later is not only misleading – it’s delusional.
The argument being made – telling farmers to vote no and hold out for a better deal – reminds me of a holy man’s thinking in a story which goes like the following…
‘A holy man lived by a river. One day, during a flood, a car came to rescue him, but he waved it away, saying ‘God will save me’. As the waters rose higher, a boat arrived. Again, he refused, saying, God will save me’.
‘Finally, as the floodwaters reached his roof, a helicopter came, but he dismissed it too, shouting, God will save me’. Tragically, the man drowned.
‘In heaven, he asked God why He didn’t save him. God replied “I sent you a car, a boat, and a helicopter. What more did you want?‘”
Kerry dairy deal
This JV deal is our helicopter. With a €50 million milk price top-up payment, an 85% tax-neutral share spin-out, and the future of our co-op secured for generations to come, it doesn’t get any better than this.
To vote no and hold out for something “better” is as absurd as the holy man sending away the helicopter. The problem is, in Kerry Co-op, these so-called ‘holy men’ are at serious risk of drowning the rest of us along with them.
There’s no better deal coming if there is a no vote. This is sink or swim.
From Patrick Scannell, Listowel, Co. Kerry