DEAR SIR: They say that when you’re explaining, you’re losing. I hope this is true and that Glanbia management takes this on board.

I was at an information meeting last week in Dungarvan and 90% of the questions were from disgruntled shareholders about the way the “dry” and “retired” shareholders are being treated. Basically, plc shares are being sold to fund the buyback of 60% of Consumer Products and Agribusiness to set up Glanbia Ireland. In theory, I have no problem with this concept, if all shareholders are to benefit from the profits that accrue, but the reality is very different. By a process of smoke and mirrors, most of the profits will be used to subsidise the price paid to farmers for their milk and grain.

In reality, producers will be partially paid with their own money and partially with what should be their retired neighbours’ money. In 2016, GII made approximately €32m in profits. Remarkably, this is matched almost exactly by the 1.5c/l that the co-op paid out in a top-up. Without this, GII would have scarcely broken even.

In 2012, I supported the setting up of GII. It was paid for by the sale of shares and by bank borrowings.

When I asked what was in it for the shareholder, I was assured that a dividend would be paid out from 2018. How gullible I was. Yes, a dividend will be paid out, but again it will be used to subsidise the price paid to farmers and the retired shareholder can go whistle.

Management spent most of the night defending the indefensible. They said this is the model that people want. If that is so, then the people uttering these views weren’t in Dungarvan last week, or if they were, they stayed very quiet.

Glanbia is good at carrying out surveys of people’s future plans, and this is a good thing. I would ask Glanbia to poll the dry shareholders and the retired shareholders. Ask them what they want. I think the management would be told, in no uncertain terms, to spin out all the shares belonging to them.

I have nearly always supported the path the company has taken. But I’m afraid not this time. I have no doubt that this proposal will sail through, because most of the people affected will not have a vote, in fact most of them will not even be informed that this vote is taking place, even though they are the ones most affected.

Remember before you vote, that in 10 or 20 years you are going to be retired. Is this to be Horace Plunkett’s legacy?