Tirlan has announced that it will sell approximately 17m shares in Glanbia plc in order to fund the early repayment of the outstanding €250m bond which was used in part to fund the purchase of the co-op from Glanbia plc.

According to an announcement to the stock exchange, Glanbia will take part in the purchase of the shares Tirlán is selling.

The company will buy back up to 45% of the equity placement, subject to a maximum value of €100m.

Tirlán said it will place the shares with institutional investors and will issue an invitation to holders of outstanding bonds for those to be repurchased and cancelled by the co-op.

Assuming that the 17m shares are sold, Tirlán will retain a holding of approximately 17.6% of the outstanding shares in Glanbia.

The co-op will remain the largest shareholder of Glanbia.

The co-op said that it will provide a further update when the process is complete.

See this week’s Irish Farmers Journal, in shops on Thursday, for more details and analysis on this story.