The Board of Glanbia Co-operative Society 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 on Wednesday, December 12.
Said Bill Carroll, Glanbia Board member and farmer based in Mile Tree, Clonmel “We wish to thank Society 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. 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 12 and vote one last time in order to approve this resolution. If passed Glanbia Co-operative Society and its members will share in a €224million share spin-out and sale.
“Another YES vote on December 12 will strengthen the Society and give our newly established JV, Glanbia Ingredients Ireland (“GII”) - which we now control - a strong start. By putting cash into the Society, it will have the flexibility to offer a wide range of options for members.
In addition, based on the current share price, the Society’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”
The final SGM vote will take place at the same venue - Gowran Park Racecourse in County Kilkenny. Gowran Park is a central location and proved very accessible and comfortable for the 4,650 members who attended what was a seamless event last week.