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03 Oct 2022

Glanbia Co-op members to benefit from c.€150 million share spin-out

KILKENNY

Irish rugby international Tadhg Furlong with John Murphy, Chairman, Tirlán, Jim Bergin, CEO, Tirlán and Nicola O’Connell, Head of Commercial, Tirlán

Glanbia Co-operative Society Limited confirms that it has transferred, via a “spin-out”, c. €150 million worth of Glanbia plc  shares to over 11,000 members.

The spin-out of approximately 12 million plc shares has a total value of c. €150 million based on the plc share price of €12.48 at the close of business on 12 September 2022. The spin-out is worth approximately €12,000 to a Member with the average Co-op shareholding, or around €4,000 for each 1,000 Co-op shares held.

The transaction is aimed at releasing a portion of the value of the Co-op and making it available to Members. Since 2013, the Co-op has distributed in excess of €888 million of value to members through a combination of Glanbia plc share spin-outs, patronage support and share interest (dividend) payments.

Commenting, John Murphy, Chairman of Glanbia Co-operative Society said: “We are pleased to complete this spin-out to allow Members to gain access to some of the value of their investment. In recent weeks we made the very exciting announcement regarding our re-branding as Tirlán. Our Co-op is well placed to continue to deliver for our farmer Members.”

The spin-out confirmed today was among a number of measures overwhelmingly approved by Co-op members at a Special General Meeting held on 17 December 2021. This included purchasing the remaining 40% stake in Glanbia Ireland from Glanbia plc to become the outright owners of the Irish dairy and grain business. On Thursday 15 September, Glanbia Co-op members will vote at a Special General Meeting on a proposal to change the name of the Co-op to Tirlán.

Following the completion of the spin-out, the Co-op will remain the largest individual shareholder in Glanbia plc, with 27.6% of the issued share capital. This shareholding was valued at approximately €943 million based on the plc closing share price of €12.48 on 12 September 2022.

A detailed information pack, including details of their individual plc share allocations, will be issued to Co-op members in the coming weeks. On receipt of their Glanbia plc share certificates, shareholders can choose to sell or retain the shares as they see fit.

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