The Margin was not surprised to find shareholders at last week's Greencore a.g.m. in no mood for laughing, but when a chorus of mobile phones erupted at the beginning of the lengthy meeting, company chairman Bernie Cahill managed to lighten the mood by referring to his other existence - as Aer Lingus chairman.

"I hope you don't mind if I ask you to switch off the mobile phones," he said.

"As you know, in airline parlance, it interferes with the navigation equipment."

With Greencore's share price running at about half its level of two years ago, more than a few shareholders suggested that the board's own navigation equipment had seen better days.

But despite a sustained onslaught of complaints from shareholders, Mr Cahill and his colleagues emerged unbruised from the proceedings.

Mr Cahill even saw the funny side of an attempt by former IFA president Joe Rea - a pal of 30 years - to amend a resolution increasing the directors' remuneration.

He was quick to respond as Mr Rea nobly stood up to object to resolution number four. "You're in the wrong one Joe," he said. "It's the auditors we're talking about."

Directors' pay came up in resolution number five, but Mr Rea held his fire.