Siobhan Talbot, Glanbia group managing director pictured at the Glanbia co-op special general meeting at Punchestown event centre in Co Kildare. \ Dylan Vaughan
ADVERTISEMENT
Glanbia’s independent shareholders approved the proposed transaction at an extraordinary general meeting on Monday. This clears the way for the new entity Glanbia Ireland to be created, a joint venture 60% owned by Glanbia Co-op and 40% owned by Glanbia plc. The farmer vote at a Special General Meeting in Punchestown last Thursday agreed to pay €112 million to acquire a 60% shareholding in Glanbia plc’s Dairy Ireland division, which consists of Glanbia Consumer Products and Glanbia Agribusiness.
Spin Out
Today's vote also gives the go-ahead for the society to ‘Spin Out’ approximately 5.9 million Glanbia shares to over 14,000 individual co-op members, equivalent to 2% of the issued share capital of Glanbia.
ADVERTISEMENT
The Society now intends to sell approximately 8.7 million Glanbia shares, equivalent to 3% of the issued share capital of Glanbia. This will fund the proposed transaction which is subject to certain completion conditions but should close in early July 2017.
Stockbrokers
J&E Davy and Goodbody Stockbrokers have been appointed by the Society as joint book-runners on the Placing. The Placing will take place via an accelerated book build process.
Today the co-op owns approximately 36.5% of the issued share capital of Glanbia. If the Placing and the Spin Out are executed in full the co-op's holding would reduce to 31.5% of the issued share capital of Glanbia.
This content is available to digital subscribers and loyalty code users only. Sign in to your account, use the code or subscribe to get unlimited access.
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
CODE ACCEPTED
You have full access to the site until next Wednesday at 9pm.
CODE NOT VALID
Please try again or contact support.
Glanbia’s independent shareholders approved the proposed transaction at an extraordinary general meeting on Monday. This clears the way for the new entity Glanbia Ireland to be created, a joint venture 60% owned by Glanbia Co-op and 40% owned by Glanbia plc. The farmer vote at a Special General Meeting in Punchestown last Thursday agreed to pay €112 million to acquire a 60% shareholding in Glanbia plc’s Dairy Ireland division, which consists of Glanbia Consumer Products and Glanbia Agribusiness.
Spin Out
Today's vote also gives the go-ahead for the society to ‘Spin Out’ approximately 5.9 million Glanbia shares to over 14,000 individual co-op members, equivalent to 2% of the issued share capital of Glanbia.
The Society now intends to sell approximately 8.7 million Glanbia shares, equivalent to 3% of the issued share capital of Glanbia. This will fund the proposed transaction which is subject to certain completion conditions but should close in early July 2017.
Stockbrokers
J&E Davy and Goodbody Stockbrokers have been appointed by the Society as joint book-runners on the Placing. The Placing will take place via an accelerated book build process.
Today the co-op owns approximately 36.5% of the issued share capital of Glanbia. If the Placing and the Spin Out are executed in full the co-op's holding would reduce to 31.5% of the issued share capital of Glanbia.
If you would like to speak to a member of our team, please call us on 01-4199525.
Link sent to your email address
We have sent an email to your address. Please click on the link in this email to reset your password. If you can't find it in your inbox, please check your spam folder. If you can't find the email, please call us on 01-4199525.
ENTER YOUR LOYALTY CODE:
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
SHARING OPTIONS