FDBusiness.com

Glanbia Co-operative Society Proposes to Transfer €238 Million to Members

 Breaking News
  • Carlsberg Group Upgrades Full Year Operating Profit Outlook Carlsberg Group has delivered organic operating profit growth of 17.7% for the first half of 2019 with reported growth of 18.2% to DKr 5.17 billion (€693 million). Organic net revenue growth was 4.2% and on a reported basis net revenue rose by 6.5% to DKr32.99 (€4.42 billion). Operating margin improved by 160bp to 15.7%. Reported net [...]...
  • Diageo Forms New Rum Joint Venture Diageo and Corporación Cuba Ron, a leader in the production of premium Cuban rums, have created a joint venture – Ron Santiago. The joint venture will have exclusive global distribution rights to Santiago de Cuba, a premium Cuban heritage rum brand. Globally, premium and above rum segments are growing ahead of the category overall, with premiumisation [...]...
  • Stirring Times For US Yogurt – Innovation is Vital in a Changing Consumer Environment Over half of all U.S. consumers now buy yogurt as part of their typical grocery basket, according to a new report from Innova Market Insights, but their habits appear to be evolving. Convenience themes are becoming increasingly important, for example, with 17% of consumers naming this as a significant choice factor in 2018, which is [...]...
  • FrieslandCampina Significantly Expands its VLOG Production Due to the sharp increase in demand in Germany, FrieslandCampina is increasing the number of participating dairy farms that supply VLOG milk from 400 to more than 600. All VLOG milk produced by Dutch FrieslandCampina dairy farmers is used to make cheese for the German market. VLOG (Verband Lebensmittel Ohne Gentechnik) is a German association responsible [...]...
  • English Food Manufacturers Sign Up to Made Smarter Support A number of food manufacturing firms in the North West of England have signed up to a business-led programme which aims to use digital technology to boost growth and success. By implementing advances in data analytics, Artificial Intelligence (AI), Augmented Reality (AR), Industrial Internet of Things (IIoT), 3D-printing and robotics, firms can enhance their profitability [...]...

Glanbia Co-operative Society Proposes to Transfer €238 Million to Members

Glanbia Co-operative Society Proposes to Transfer €238 Million to Members
March 20
10:28 2015

The board of Glanbia Co-operative Society has announced a range of proposals which, if approved by members, will result in approximately €238 million of value being made available to all members. The proposals are aimed at releasing a portion of the value of the Society and making it available to members at a time of significant expansion and investment in the Irish dairy industry.

The proposals include the transfer, via a share spin out, of 10 million Glanbia plc shares, valued at approximately €170 million, to all existing Members of the Society. The Society will also create a €68 million Members’ Support Fund through the sale of 4 million Glanbia plc shares.

An additional objective of the proposals announced is to strengthen the current relationship between Society shareholding and milk supply. This will be achieved by facilitating the application by milk suppliers to the Glanbia Group to become members of the Society through the issuing of up to 3 million new shares in the Society. Other suppliers who meet the qualifying criteria may also apply for membership through this initiative. The Society will also initiate a share buy back plan to purchase up to 3 million existing shares from current members thereby facilitating a voluntary sale mechanism for members who wish to participate in this plan.

GlanbiaCo-opLogoThese proposals by the board of the Society are subject to member approval and will be voted on by eligible members at a Special General Meeting (SGM) of the Society which is scheduled to take place in mid May 2015.

Liam Herlihy, Chairman of Glanbia Co-operative Society, says: “The board of the Society is making these proposals in the context of a period of unprecedented change in the Irish dairy sector. The Society is in a very strong position, owning 60% of Glanbia Ingredients Ireland, the country’s leading and most progressive dairy processor, as well as a further €2 billion of assets through its shareholding in Glanbia plc. Many of our members are in a period of expansion and the board believes this is an appropriate time to make some of the value that has been built up in the Society available to those members to provide resources to support growth. It is also an opportunity to give value back to our loyal members who have built up the society over many years.”

If these proposals are approved by members, the number of Glanbia plc shares held by the Society will reduce from 121.9 million (41.2% of Glanbia plc issued shares) to 107.9 million (36.5% of Glanbia plc issued shares). The Society Board will also retain the discretion to reduce the Society’s holding in Glanbia plc to 33%.

About Author

mike

mike

Related Articles

Food & Drink Business Conference & Exhibition 2016

Upcoming Events

  • September 11, 2019Packaging Innovations & Luxury Packaging London 2019
  • October 1, 2019PPMA Total Show
  • October 17, 2019Future Food-Tech
  • November 18, 2019Plastics Caps and Closures Conference 2019
AEC v1.0.4

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber

Subscribe Here



Advertisements