Kerry Group finalises Kerry Dairy Ireland transaction
Kerry Group plc has announced the completion of Phase 1 of its disposal of Kerry Dairy Holdings (Ireland) Limited to Kerry Co-Operative Creameries Limited
Print6 January 2025
Kerry Group has announced that Phase 1 of its disposal of Kerry Dairy Holdings (Ireland) Limited to Kerry Co-Operative Creameries Limited completed on 31 December 2024.
In a statement, Edmond Scanlon, chief executive officer, Kerry Group said that the move, “Marks a significant step in Kerry’s history, becoming a pure play global business to business taste and nutrition company, with sustainable nutrition at its core, while also supporting our financial objectives of continued market outperformance, strong margin progression, and delivering greater returns for our shareholders.”
Scanlon noted he would like to recognise the Kerry Dairy Ireland employees for their contribution to Kerry over the years and wish them the very best in the future.
Phase 1 completion details
On 31 December 2024, the company redeemed and canceled 19,045,396 shares previously held by the Co-Op and issued 16,187,024 new shares, referred to as “New Shares.”
These new shares were distributed to Co-Op members and used to adjust for fractional share entitlements.
As a result of this process, the company noted that the total number of shares in the company decreased by 2,858,372, leaving 166,440,652 shares in total as of 31 December 2024.
There are no treasury shares, meaning shares held by the company itself, remaining, it added.
This updated total of 166,440,652 represents the total voting power in the company.
Shareholders may use this figure to calculate whether they need to notify the company about any changes to their shareholding, as required under transparency regulations.
The company noted that it has applied to have the new shares listed and traded on Euronext Dublin and the London Stock Exchange.
Once approved, the new shares will have the same rights and status as the existing shares, with trading expected to begin on 3 January 2025.
Read more: Kerry Group’s H1 trading profit up 13% to €357m
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