Co-op deadline tomorrow for Glanbia suppliers

Tomorrow, Friday, October 16 is the deadline for milk suppliers to Glanbia Ingredients Ireland (GII) to join the Glanbia Co-Operative Society by buying up to three million new shares being issued by the Society.

Milk suppliers that apply by tomorrow will be entitled to all 2015 support payments on a retrospective basis, if their application is approved.

The Society made support payments to milk suppliers this year ranging from 1c per litre in March and August to 3cpl in May.

Farmers that join the Society after 2015 will not be eligible to receive these support payments retrospectively.

To avail of Society membership benefits, each supplier must acquire at least 2,000 shares, or one share per 200 litres of milk supply, whichever is higher.

Shares are priced at €5 per share, with the payment of €2 required by October 16 in order to secure membership benefits — including access to future support payments.

In a share placement completed in May, the Society raised €67.4m which will be used to provide support to shareholders, via patronage bonuses for active members (75%) and special dividends to all members (25%).