Speaking after a meeting of the members of the IFA National Dairy Committee representing farmers in the Glanbia catchment area, Chairman Sean O’Leary urged all Glanbia Co-op shareholders to make sure to attend the forthcoming EGM next Thursday in Gowran to make their voice heard on the proposed share spin out.
The proposals include the lowering of the co-op shareholding in the Plc to 36.5% (and down to 33% at the discretion of the Co-op Board); releasing approximately €170m in share value to members; and, the creation of a €68m Members Support Fund. Also included in the proposals to be voted on is the introduction of a Share Buy Back Plan and the issuing of new shares in the Society. Finally, the proposals also include rule changes for board membership.
“This is a complex set of proposals by Glanbia Co-op and farmers must make best use of the opportunities to inform themselves to understand its full implications,” he said.
“It is crucial that Glanbia Co-op shareholders would turn out in numbers to vote on the day,” Mr O’Leary said.