PLC shares windfall for Glanbia members

Shares with a current value of about €530m have been transferred to Glanbia Co-op members since 2013, following the latest “spin-out” transfer of about 10 million Glanbia plc shares to the 15,600 co-op members.

The co-op still retains a 36.5% plc stake, worth about €1.9bn.

The latest transaction is aimed at releasing a portion of the value of the co-op and making it available to members at a time of significant expansion and investment in the Irish dairy industry.

On average, each member will receive plc shares worth about €11,100 in the latest spin-out, which was among a number of measures overwhelmingly approved by the members at a Special General Meeting held in May at Gowran Park Racecourse.

On receipt of their Glanbia plc share certificates in September, members can choose to sell or retain the shares as they see fit.

Henry Corbally, Chairman of Glanbia Co-operative Society, said: “It is also worth highlighting that while the Society’s shareholding in Glanbia plc has reduced somewhat, our majority shareholding in Glanbia Ingredients Ireland remains unchanged at 60%. This is the business of most direct importance to our dairy farmer members”.