Members of Tirlán Co-op will receive a letter in the coming days from the processor outlining how many shares in Glanbia they are set to receive from the spinout of 15m shares held in the company by Tirlán.

The vote on the move was passed by members in early October last year, a time when the shares in Glanbia were trading significantly higher than the price they are at this week.

According to the information released by Tirlán on Monday 12 May, a member of the co-op with 3,000 Tirlán shares will receive 1,340 shares in Glanbia valued at €15,423, reflecting Glanbia’s closing price on Friday 9 May.

When Tirlán first presented the spinout plan to its members in September last year, those 1,340 shares would have been worth over €21,000.

Communication

A spokesperson for Tirlán said that after receiving the letter, members would receive further communication about how to set up an online account, in case they don’t have one already, in order to have the share transfer completed.

This is because Irish-listed companies such as Glanbia no longer issue physical share certificates, with ownership instead recorded on the share electronic register maintained by Computershare Investor Services.

Tirlán chair John Murphy said that the co-op board was pleased to be in a position to return value to members.

“It is important that we return value to our 11,000 farm family members, many of whom have invested in their farm businesses and have built our organisation into the world-class business that it is today.”

Following the spinout, Tirlán will remain the single largest shareholder of Glanbia, owning 23.7% of the company.

The vote on the spinout last year also removed the minimum shareholding requirement for Tirlán, meaning the co-op is in a position to reduce its ownership of Glanbia to as low as zero, should it decide to.