Glanbia Board member, Bill Carroll, this week thanked everyone who participated so whole heartedly in the first vote which resulted in a resounding approval for the establishment of Glanbia Ingredients Ireland.
Mr Carroll, Mile Tree, Clonmel thanked local Society members, the farm organisations and Glanbia staff for their support and belief in the vision as laid out by the Board of Glanbia Co-operative Society. 71% of those voting and present on the day voted YES, shaping a new era of growth for farmers. This week Glanbia has written to all Society members calling on them to participate and vote again for the second proposal, to realise the benefits of its plc ownership through a €236 million share spin-out and sale.
“This is a very important proposal and your Board is strongly recommending another YES vote. This is to enable us to build a prosperous and cash rich 21st Century Society that can provide a wider range of options for members. The four key reasons to vote for this Proposal are :
1. To distribute €162 million in plc shares to members, rewarding you and your family for your support and solidarity in making Glanbia the success story it is today;
2. To create a cash rich Society that has significantly improved financial flexibility to consider a range of options on behalf of members;
3. To reinforce the new Joint Venture’s balance sheet with an extra €30 million start-up funding, contributed proportionally by both partners; and
4. To do all of the above and retain 50% Board representation, Chairmanship until at least 2020 and a valuable 41.4% stake in the plc for the future.
“If the second proposal is approved, your Society’s shareholding will still be worth close to €1 billion, while members will be better off by circa €160 million, we will be proud and progressive partners in the largest dairy processor in Ireland and we will retain a very significant shareholding and Board representation in a successful and highly regarded plc. I urge eligible members to vote yes, because it is a logical next step for members and the Society”, said Mr Carroll.
Voting on this proposal will be held at a Glanbia SGM to take place in Gowran Park Racecourse in County Kilkenny on Wednesday,November 28. To be successful this proposal requires the 75% approval by all eligible members ( A1, A2 and A4) – as well as a confirmation by 75% approval by milk suppliers only.
Members who wish to avail of transport to the Vote are asked to contact their Glanbia Milk Advisor.