Kerry Co-Op Share Redemption
Since January 1974
Share Redemption
The Share redemption is a voluntary scheme that began in 2019 and has run twice yearly since. It was started to enable shareholders to liquidate some or all of their shares for cash.
As the Scheme is an Income tax event, it is advised that any shareholder wishing to avail of the scheme seeks independent accounting/tax advice prior to applying to the scheme. An application form once received in the office is binding.
The scheme is subject to 25% Dividend Withholding Tax (DWT) which is deducted from your redemption payment prior to you receiving your payment. This is in turn paid to the Revenue Commissioners on your behalf and is credited to your account. This may fulfil some or all of your tax liability.
There are a number of Exemptions to DWT which can be found here:
Residents |
Non-Residents
If you are DWT exempt then you must include your completed exemption form with your application.
More Information on DWT can be found on the Revenue website.
The Dates for the next Share Redemption scheme are as follows:
Share Redemption 12
Opening Monday, October 14th
Closing Friday, October 25th
Opening Office hours are as follows:
Mon – Thursday 9am – 5.30pm
Friday 9am – 4pm
Closed for lunch 1 – 2pm
Application forms can be downloaded here or by clicking the button below and returned to the office between the dates mentioned above.
SRS Application Form
An application form will not be validated unless it is accompanied by the following items each time a shareholder avails of the scheme:
Valid Photographic ID – passport or driving licence.
Valid Proof of Address dated within 6 months – ESB bill, phone bill, bank statement, credit union statement etc…
Please make yourself aware of the Share Redemption Scheme Terms:
Terms & Conditions
FAQ's
The share redemption scheme is deemed a distribution by Revenue and is subject to income tax, PRSI and USC are also payable.
No. the scheme is voluntary. You can destroy the form if you do not wish to apply.
No. You choose how many shares you want to redeem and that is the extent of your obligation. So, for example if you hold 50 shares, you could sell 30 shares now and in 3 years’ time sell another 20 shares or hold onto them, if you so wish.
The shares will be cancelled from your account and if you have any remaining shares, a new balancing share certificate will be issued to you.
The value of one Kerry Co-op share will be based on a multiplier of 5.9 times the sale price achieved for Kerry Group Plc shares.
No, but a maximum of 1 million Kerry Group Plc shares will be offered for sale in any tranche of the scheme.
If the number of shares sold is less than the requirement for example, the share price falls below the floor price or the market demand is low. The redemption of shares will be proportionately distributed so for example if 97% of the shares required is achieved then 97% of the shares you offered for redemption will be redeemed.
The current rate is 25%. This will be deducted from your redemption and paid over to the Revenue Commissioners who will credit it to your tax account. This may satisfy some or all of your tax liability and may even result in a refund depending on your circumstances, but we strongly recommend you get independent tax advice.
Yes. Dividend Withholding Tax is not applicable to companies who supply the necessary exemption documentation.
No. if you take part in this scheme and redeem shares, all shares will be redeemed where the residual shares held by you drops below 10.
If you cannot locate your share certificate and wish to apply for a replacement, please contact the Share Registration Department on 066 7128571
Once your application has been checked and confirmed, you may not withdraw it and the redemption of your shares is binding.
Yes. You will need to enclose a copy of your ID and proof of address along with the completed Share Redemption application form and Original Share Certificate
Yes all monies will be paid into the bank account of the shareholders, using the details provided at the time of application
Yes if you do not wish to be paid into your bank account then you can request a cheque. An administration fee of €20 will be deducted from your proceeds.
No. Cut off times are strict.
Remember >>>No Share Certificate – No Redemption
Remember >>>No Share Certificate – No Redemption
Kerry Co-op cannot give any legal, tax or financial advice and we recommend you get independent tax advice, but in many cases this scheme will be favourable towards those on lower incomes.
If you have further queries, please contact our office on 066 – 7128571, alternatively you can email any queries to: info@kerryco-op.com