28 Nov 2012
GLANBIA SHAREHOLDERS AND MILK SUPPLIERS SHOW STRONG LEADERSHIP WITH FIRST YES VOTEUncategorized
Speaking to a packed audience at today’s Glanbia Co-op’s Special General Meeting in advance of the shareholders’ and milk suppliers’ vote, IFA President John Bryan said a strong ‘yes’ vote would strengthen the financial outlook of the new GII Joint Venture, eliminate the debt of the Co-op, and would allow all shareholders benefit from a share spin out worth in excess of €150m.
Later, Mr Bryan welcomed the decision made by both Glanbia shareholders and milk suppliers to overwhelmingly support the resolution to sell and spin out further Plc shares, and urged them to ensure that this positive decision is confirmed by an equally strong ‘yes’ vote on 12<sup>th</sup> December.
“I believe this decision by Glanbia shareholders will considerably strengthen the financial outlook of the new GII. It will also strengthen the Plc by allowing it to focus on lucrative international nutrition markets, benefiting the Co-op which retains a sizeable 41% dividend earning and controlling share,” he said.
IFA National Dairy Chairman Kevin Kiersey, who also strongly supported a ‘yes’ vote, said: “The formation of GII, and the additional equity injection which this and the next vote would allow, represent a significant development for Glanbia farmers. However, it is only a first step, and it should be built upon to increase industry collaboration as we move towards 2015. I urge GII, and other processors, especially neighbouring co-ops, to engage fully in detailed planning to foster greater efficiencies and integration for the benefit of the entire sector, and milk prices to producers,” he concluded.