All eligible Glanbia Co-operative Society shareholders are being encouraged to attend a Special General Meeting (SGM) of the Co-op taking place this Thursday at 12 noon in Punchestown Event Centre.
Glanbia chairman, Kilmainhamwood farmer Henry Corbally said: “On Thursday, our members are being asked to vote on an important set of proposals that will shape the future of our organisation. I would encourage as many eligible shareholders as possible to attend the SGM and make their vote count.”
Glanbia Co-op recently announced that it has reached agreement with Glanbia plc to create Glanbia Ireland, a strategic joint venture encompassing Glanbia Ingredients Ireland, Consumer Products and Agribusiness. On Thursday, members will be asked to approve the formation of this joint venture and a number of related proposals.
Glanbia Ireland will own leading consumer and agri brands such as Avonmore, GAIN, Kilmeaden Cheese, Premier and Wexford. With annual revenue of €1.5 billion, Glanbia Ireland will be a diversified business majority owned by Glanbia farmers.
Subject to member approval, the Board of Glanbia Co-op also proposes to allocate €40 million of its resources to member support.
The Board of the co-op proposes to transfer, via Share Spin-Out, 2% of Glanbia plc’s issued share capital (approximately 5.9 million Glanbia plc shares), to all existing Members of the Co-op. This is worth over €100 million to Glanbia Co-op members, or €6,637 for a member with the average shareholding. For active dairy farmer members, the average value of the spin-out would be €10,791.