Shareholders in Glanbia co-op are in line for a cash windfall if Glanbia co-op succeeds in creating Glanbia Ireland and transferring 2% of its plc shares to its co-op members. Based on a share price of €17.13, the 2% share spin-out would see about €100m returned to farmer shareholders.

For every 1,000 co-op shares held, the co-op will cancel 47 or 4.7%. In return for the 47 shares cancelled, the member will receive 154 plc shares (valued at €17.13). At this price, the value of these shares would be €2,600.