Last checked at 2 Jun 2016 07:05
GLANBIA CO-OPERATIVE SOCIETY LIMITED TO ISSUE FIVE YEAR EXCHANGEABLE BOND LINKED TO GLANBIA PLC SHARES
2nd June 2016
Glanbia plc ("Glanbia"), the global nutrition group, has been informed by its largest shareholder, Glanbia Co-operative Society Limited (the "Society") that it intends to raise €100 million by issuing a five year exchangeable bond against Glanbia plc shares it owns.
The total number of Ordinary Shares in issue by Glanbia plc will not change as a result of this bond.
The Society intends to use the majority of the proceeds from the bonds for the creation of a dynamic market volatility fund for its milk and grain supplying members (the "Members"). This fund will enable participating Members to draw down funds on an interest free basis when the market price for milk and grain falls below specific levels. The Society will recover the funds drawn down when milk and grain prices exceed a higher price trigger. The remaining proceeds will be for general business purposes.
For further information refer to the announcement by the Society at 7am this morning.
The final terms of the exchangeable bond are expected to be announced later today.
For further information contact:
Media
Mark Garrett, Director of Communications & Public Affairs : +353 86 6019655
Investors
Liam Hennigan, Head of Investor Relations : +353 86 046 8375
ENDS