Glanbia to pay €5.6m to shareholders

GLANBIA Co-op has agreed to use the dividend stream from its shareholding in Glanbia plc to pay about €5.6 million to shareholders as a means of supporting farmers during this time of change and uncertainty in the industry.

Having consulted widely with its representative structure, the co-op’s board and council recommended a series of measures to a special general meeting of the society in Kilkenny.

Shareholders voted in favour of two measures - the payment of a milk bonus of 1 cpg for 2005 and the introduction of a patronage scheme for farmers who trade with Glanbia Agribusiness for feed, fertilisers, chemicals, veterinary supplies and grain. In addition, and pending approval by the annual general meeting in May 2006, shareholders are to receive an increased dividend from 1% to 2%. The board of the society has also decided to implement a 2006 revolving share plan on a voluntary basis, with 30% capital growth envisaged over five years.