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LONDON (Alliance News) - Glanbia PLC Thursday said the Glanbia Co-operative Society Ltd will fulfil its outline to reduce its stake in the company after the proposals were approved at a special general meeting.
In March, Glanbia said the Glanbia Co-Operative, its biggest shareholder, had recommended a series of measures to its members which would transfer Glanbia shares to society members.
The proposals tabled by the society include the transfer of 10 million shares in the company, around 3.4% of its issued share capital, from the society to society members, with distribution based on their existing shareholding in the society.
The proposals also include the sale of 4 million shares in Glanbia, around 1.4% of the company, from the Society to a special support fund for society members.
It also proposed a reduction in the society's representation on Glanbia's board in 2020. The current arrangements in place will see the society's representation on the board cut to 10 members in 2016 and 8 members in 2018, and the new proposal would see that fall again to 7 members in 2020.
Those proposals have now been approved, and once completed, the number of Glanbia shares held by the society will fall to 107.9 million, or a 36.5% stake, from 121.9 million shares, or a 41.2% stake.
Glanbia shares closed up 0.4% to 16.84 pence per share on Thursday.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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