I was interested to see financier Dermot Desmond mop up 14% of One51 last week. One51 was originally the investment spin-out from IAWS.

Shares in the plastics and environmental business have seen a flurry of demand over the last year with Larry Goodman and Desmond now owning almost a quarter of the €283m unlisted plc. Co-ops, including Kerry, Dairygold, Fane Valley, Lakeland, Aurivo and North Cork, hold 35%, or about €100m.

No doubt this activity, which effectively puts a real value on One51, will be discussed by co-op boards as they look to support dairy prices against a backdrop of falling markets and increased debt levels thanks to shiny stainless steel.

The co-ops acquired 100% of One51 for free 10 years ago due to their historical shareholding in IAWS.

While there was no cash investment for this shareholding, over the following two years they, along with some high flyers, poured €300m into the business. This means that the co-ops are now carrying shares at an average cost of around €1.20.

But thanks to Dermot’s €36m spending spree, co-ops are now back in the money with shares soaring to €1.85.

However, if someone is interested in buying something, there must be value in it, and maybe now is not the time for co-ops to cash out.