Those farmers who backed Denis Brosnan from the beginning have reaped the rewards of their investment since 1974. Kerry Co-op's members and employees were offered around 10 million shares at a price of 35p before the 1986 flotation.

The shares began trading on the Stock Exchange in October at their placing price of 52p in what brokers described as a "lacklustre" introduction to public dealing.

But the share price performance has improved markedly since and the biggest problem faced by investors these days is getting hold of Kerry stock.

Following Monday's announcement of the acquisition of Dalgety's food ingredients division, the shares were trading at 780p.

Local Kerry shareholders are well aware of the value of their investment and many seem prepared to back the business for the long haul.

In July 1996, co-op members voted for a fundamental change to Kerry's corporate structure, approving rule changes which allowed the co-op stake to fall below 51 per cent.

Following the vote, the co-op's stake in Kerry Group fell to 39 per cent from 52 per cent in a move which saw 6,000 shareholders receive plc shares worth over £130 million or an average of £22,000 per shareholder.

The decision created at least 100 extra millionaires in north Kerry, local sources say.

Brokers say that very few of these shares have changed hands on the stock market in the meantime.

Even the budget decision to cut capital gains tax to 20 per cent from 40 per cent, sharply reducing the tax bill faced by investors on disposals of assets, hasn't encouraged many locals to part with their shares.

What stock does find its way onto the market tends to be quickly snapped up by institutional investors who remain heavily underweight in Kerry.

With the co-op retaining a 39 per cent stake in the group and more than 20 per cent directly in the hands of local shareholders, institutional investors account for just 38 per cent of Kerry shares. Of these, some 10 per cent are overseas investors.