Following the completion of the spin-out on Friday, Glanbia Co-op will remain the largest individual shareholder in Glanbia plc, with 31.5% of the issued share capital.

The average member received 401 shares, which is worth €6,261, at Friday’s share value of €15.71.

On receipt of their Glanbia plc share certificates, shareholders can choose to sell or retain the shares.

Glanbia has said that an information pack, including details of their individual plc share allocations, will be issued to co-op members in mid-September.

The spin-out and the formation of the Glanbia Ireland joint venture were approved by eligible members of Glanbia Co-op at a special general meeting held in Punchestown in May.

“The completion of the spin-out process represents the substantial completion of a wide ranging set of proposals,” said Glanbia co-op chairman Henry Corbally.

The acquisition of 60% of Dairy Ireland and the creation of a €40m member support fund saw the co-ops share in the Glanbia plc fall by 5%.

"The creation of Glanbia Ireland enables the integration of three strong, well-invested, Irish-based businesses to create value for all stakeholders," Corbally said.

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