The Board of Glanbia Co-op has urged members not to be complacent and emphasised the need for members to complete the process begun last week, by coming out for a final vote on the proposed Share Spin Out and Sale next Wednesday, December 12.
“We wish to thank Co-op members for such a huge turnout to Gowran Park last week and for their co-operation which resulted in an efficient meeting and a smooth turn around,” board member Pat Murphy from Maddoxtown, between Kilkenny city and Bennettsbridge said.
“ The majority of members – 82% - have made their wishes clear with their overwhelming support for the proposed Share Spin Out and Sale. However there is no room for complacency as members are required to attend a final SGM on December 12th and vote one last time in order to approve this resolution. If passed, Glanbia Co-op and its members will share in a €224 million share spin-out and sale (illustration at share placing price of €7.60 on 20 November).
“Another YES vote on December 12th will strengthen the Co-op and give our newly established JV, Glanbia Ingredients Ireland (“GII”) - which we now control - a strong start. By putting cash into the Co-op, it will have the flexibility to offer a wide range of options for members. In addition, based on the current share price, the Co-op’s shareholding in the plc will still be worth close to €1billion. The yes vote will also distribute c€157million of plc shares to members – to hold or sell, it is their choice,” he said.
The final SGM vote will take place on December 12at the same venue - Gowran Park Racecourse and proved a populal location, very accessible and comfortable, for the 4,650 members who attended what was a seamless event, last week.
“Glanbia is committed to another efficient registration and meeting process, and will once again provide breakfast and lunch on 12 December. The approval threshold is 75% of A1, A2 and A4 members - with confirmatory approval by 75% of voting milk suppliers also required,” Mr Murphy added.