Glanbia Co-operative Society announces an additional aid package worth €1million to assist its farmer members who are still managing the impacts of the fodder shortage.
Following a board meeting of the Society on Thursday last, Chairman Liam Herlihy, said the Board had agreed to fund a rebate of €25 per tonne to all members who received animal feed deliveries from Glanbia Agribusiness in April (1 -27 April). The rebate valued at approximately €1 million is subject to member approval at the Society AGM in early June. Separately at its meeting the Society Board decided that it will propose to the AGM a 50% increase in the dividend paid to members from 4% to 6%, increasing the 2013 dividend payment by c €0.9 million to €2.7 million. “We are fortunate that Glanbia Society members have had the benefit of the share spin-out in March, the value of which at today’s share price is €208 million which has undoubtedly helped to alleviate some of the worst of the hardship for our farmer members. However given the continuing difficulties for our members we are pleased that the Society Board can further support them by way of this significant rebate on April feed deliveries.
Over the past two months Glanbia Agribusiness and Glanbia Ingredients Ireland Limited (GIIL) management have been actively managing the impact of the adverse weather conditions on milk suppliers and customers. To this end we have already communicated a number of measures to farmers. These included removal of potential penalties under the GIIL seasonality scheme and a range of measures from Glanbia Agribusiness whereby fertiliser purchased between 22 April and 25 May will be interest free until 31 July and the introduction of an attractively priced forage saver compound feed.
“We are encouraging any farmers who are in difficulty to meet with their Glanbia Business or Branch Manager or Milk Advisors to help them work through the current challenges,” Mr Herlihy said.