The 1,475 shareholders in Kerry Co-op who applied for the co-op’s share redemption scheme are in line for an €88m payout next month.

The average payout will be €60,000 and shareholders will be able to collect their cheques from Kerry Co-op by 22 July.

At the lower end, some shareholders have cashed in just one or two shares valued at €620 each.

At the higher end, there are shareholders who have redeemed several thousand Kerry Co-op shares and will become millionaires.

Last week, shareholders in Kerry Co-op voted at a special general meeting (SGM) to allow the co-op sell its shareholding in Kerry Group plc below 10%.

However, shareholders rejected a resolution seeking to ringfence 96.5% of these shares to be used in future share redemptions.

Despite the defeat of this resolution, Kerry Co-op is pushing ahead with the share redemption scheme and says the next window for the scheme will open in November.

However, the defeat of the resolution has raised a number of issues at board level in Kerry Co-op.

Questions have also been raised around the legal footing of the share redemption scheme following the defeat of the second resolution.