LONDON (Alliance News) - Irish nutrition and ingredients company Glanbia PLC on Wednesday said its biggest shareholder, Glanbia Co-operative Society Ltd, has said it plans to recommend a series of measures to its members which would transfer Glanbia shares to society members.
Glanbia said 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 has 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.
The proposals will be put to society members at a meeting due to take place in May, Glanbia said. If approved, it would reduce the number of Glanbia shares held by the society to 107.9 million, or a 36.5% stake, from 121.9 million, or 41.2%, now.
Glanbia shares were down 1.6% to EUR17.015 on Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Glanbia (GLB)