Donegal Investment Group, formerly Donegal Creameries, has announced it will release between €45m and €50m back to shareholders by way of a share buy-back tender offer, later this year. Donegal estimates it will buy back shares for a premium price in the region of €8.30/share.
Donegal has just over 9.5m shares in issue, many of which are held by farmer shareholders from the days when the company traded as Donegal Creameries.
The Letterkenny-headquartered company has found itself in a significant net cash position in the last year, following the sale of a number of non-core assets, including An Grianan Estate, which sold for €17.4m.
ADVERTISEMENT
However, the biggest windfall for the company has been the €45m settlement it reached for the sale of its 30% stake in Monaghan Mushrooms. Donegal confirmed this week it had received an initial payment of €41.5m from Danbywiske, the holding company of Ronnie Wilson and the majority shareholder in Monaghan Mushrooms. A further €4m will be paid by February 2020 to bring the total settlement to €45.5m.
Donegal also announced that it is exploring options to sell its Nomadic dairy business, following “unprompted expressions of interest” from potential buyers.
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.
Donegal Investment Group, formerly Donegal Creameries, has announced it will release between €45m and €50m back to shareholders by way of a share buy-back tender offer, later this year. Donegal estimates it will buy back shares for a premium price in the region of €8.30/share.
Donegal has just over 9.5m shares in issue, many of which are held by farmer shareholders from the days when the company traded as Donegal Creameries.
The Letterkenny-headquartered company has found itself in a significant net cash position in the last year, following the sale of a number of non-core assets, including An Grianan Estate, which sold for €17.4m.
However, the biggest windfall for the company has been the €45m settlement it reached for the sale of its 30% stake in Monaghan Mushrooms. Donegal confirmed this week it had received an initial payment of €41.5m from Danbywiske, the holding company of Ronnie Wilson and the majority shareholder in Monaghan Mushrooms. A further €4m will be paid by February 2020 to bring the total settlement to €45.5m.
Donegal also announced that it is exploring options to sell its Nomadic dairy business, following “unprompted expressions of interest” from potential buyers.
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