Glanbia Co-op has transferred, via a “spin-out”, €150m worth of Glanbia plc shares to over 11,000 members.
The spin-out of approximately 12m plc shares has a total value of around €150m based on the plc share price of €12.48 at the close of business on 12 September 2022.
A Glanbia spokesperson said the spin-out is worth approximately €12,000 to a member with the average co-op shareholding, or around €4,000 for each 1,000 co-op shares held.
Commenting, John Murphy, chair of Glanbia Co-operative said, "we are pleased to complete this spin-out to allow members to gain access to some of the value of their investment. In recent weeks we made the very exciting announcement regarding our re-branding as Tirlán.”
The spin-out transaction was among a number of measures approved by co-op members at an special general meeting held on 17 December 2021. This included purchasing the remaining 40% stake in Glanbia Ireland from Glanbia plc to become the outright owners of the Irish dairy and grain business. On Thursday 15 September, Glanbia Co-op members will vote at a special general meeting on a proposal to change the name of the co-op to Tirlán.