Glanbia Co-operative Society Limited (Glanbia Co-op) has recently confirmed that its 14,700 members are set to benefit from €92 million worth of shares via a 'spin out.'
It outlined that the spin-out of approximately 5.9 million plc shares, is based on the plc share price of €15.71 at the close of business on 31 August 2017.
Following the completion of the spin-out, Glanbia Co-op will remain the largest individual shareholder in Glanbia plc, with 31.5% of the issued share capital.
Glanbia Co-op also owns 60% of Glanbia Ireland, a joint venture owned 60% by Glanbia Co-op and 40% by Glanbia plc.
“In addition to the share spin-out, members approved the creation of Glanbia Ireland through the acquisition of 60% of Dairy Ireland (Agribusiness and Consumer Products)." Henry Corbally, Chairman of Glanbia Co-operative Society said.
"The creation of Glanbia Ireland enables the integration of three strong, well-invested Irish based businesses to create value for all stakeholders." He added.
"Specifically, it will help to maximise the opportunities created by a forecasted 30% growth in milk supply by Glanbia’s Irish milk suppliers to 2020.”
© 2017 - Checkout Magazine by Donna Ahern