11 Oct 2012
IFA URGES GLANBIA SHAREHOLDERS TO ATTEND INFORMATION MEETINGSDairy
IFA National Dairy Committee Chairman Kevin Kiersey has urged Glanbia shareholders to attend the series of 40 regional meetings being organised by Glanbia to inform them of the details of the Glanbia Ingredients Ireland Joint Venture proposal between the Co-op and the Plc. He also urged them to study carefully the documentation which Glanbia will be sending to all shareholders.
“The Glanbia JV proposal is a balanced way to return dairy processing into farmer control while, through the share spin out, allowing all shareholders to hold or realise Plc shares which could make an important contribution to their on-farm investment or other financial needs,” Mr Kiersey said.
“We have sought clarification of some of the financial details, including the pension scheme provisions, and will obtain independent assessment of these as required,” he added.
“We have also asked Glanbia to remain flexible in order to respond to farmers’ concerns on a number of issues including giving an uplift or shareholding in exchange for the revolving fund of 2c/l on growth milk and we also need to see milk pricing mechanisms to help farmers deal with volatility. IFA will also want to secure the relationship with the Agribusiness division, which is to remain with the Plc, regarding merchant credit for farmers,” he said.
“Ultimately, the decision is with Glanbia shareholders, and they should make every effort to avail of the documentation and meetings organised by Glanbia in order to make informed decisions in the November and December votes,” he concluded.