I’m a Permitted Transferee

What do I need to know?

Permitted Transferees are a new type of shareholder under Flexible Shareholding – see further details here.

If you’ve been nominated as a Permitted Transferee, hopefully this is something the ceased shareholder has discussed with you.

To be eligible, you’ll need to be their relative, any entity or trust controlled by them or you or, if they’re an entity or trust, a person who has a sufficient level of ownership or control interest in them.

How many shares can Permitted Transferees own?

A Ceased shareholder can transfer their shares to up to 5 Permitted Transferees. Following the initial transfer, no further shares can be acquired by the Permitted Transferee (they can only be disposed of).

Do Permitted Transferees have voting rights?

No, because they do not supply milk to the Co-op. Voting rights remain the same as the previous capital structure, based on milk supply backed by shares.

I’ve received a link to an application form via email – do I have to complete it?

No – it is up to you if you wish to hold shares as a Permitted Transferee. If you don’t complete your section of the application form, it won’t be approved and you do not need to take any further action.