Last checked at 18 Mar 2015 07:30
GLANBIA CO-OPERATIVE SOCIETY LIMITED ANNOUNCES PROPOSALS TO TRANSFER SIGNIFICENT VALUE IN THE SOCIETY TO MEMBERS
18 March 2015, Glanbia plc, the global performance nutrition and ingredients Group, has been informed by its largest shareholder, Glanbia Co-operative Society Limited ('the Society') of its intention to recommend to its Members, for their approval, a number of proposals to transfer significant value to the Membership of the Society.
The following aspects of the Society proposals are relevant to shareholders in Glanbia plc:
· The transfer of 10 million Glanbia plc shares (3.38% of plc shares in issue) from the Society to all current Society Members based on their existing shareholding in the Society;
· The sale of 4 million Glanbia plc shares (1.35% of issued shares) from the Society's holding to create a special support fund for Members of the Society; and
· A reduction in Society representation on the board of Glanbia plc in 2020. The current arrangements incorporate a plan to reduce the Society representation on the Board of Glanbia plc to 10 Members in 2016 and 8 Members in 2018. If the current proposals are accepted, the Society's representation on the Board of Glanbia plc will reduce by one additional Member to seven in 2020.
These proposals are subject to the approval of Members of the Society at a Special General Meeting of the Society which will be scheduled for mid-May 2015. A majority of more than two thirds of the Members present and voting at the meeting will be required to approve the proposals.
If these proposals are approved by the Members, the number of Glanbia plc shares held by the Society will reduce from 121.9 million (41.2% of Glanbia plc issued shares) to 107.9 million (36.5% of Glanbia plc issued shares). The Society's Board will retain the discretion to reduce the Society's holding in Glanbia plc to 33% in the future.
ENDS
For further information contact: Glanbia plc +353 56 777 2200
Media: Michael Patten, Group HR and Corporate Affairs Director. Telephone +353 (1) 907 6720
Investors: Liam Hennigan, Head of Investor Relations. Telephone +353 (86) 046 8375