Glanbia Co-op announces share exchange programme

Glanbia Co-operative has this week written to members with details of a voluntary ‘2018 Share Trading Programme’.

Offering an “efficient exit mechanism for retired members”, according to the co-op, shares will exchange at a fixed price of €5 per share.

Only existing A1 members of Glanbia Co-op – classified as members who are actively trading with the co-operative – will be entitled to purchase shares being traded. In the event of over-subscription, priority is being given to those A1 members with low shareholdings, Glanbia has said.

The latest date for submission of completed applications is December 7, 2018.

For those interested in learning more, further information is available from the Glanbia Co-op Shares Office on: 058-22241.

Glanbia reiterates TFG stance

Meanwhile, last week Glanbia issued a statement reiterating its plans to progress with the launch of its Truly Grass Fed brand in the US, in spite of Ornua’s reaction to its venture.

A spokesperson for the company said that Glanbia has noted in the media the reaction of Ornua to the launch of its Truly Grass Fed range of products.

Last week Ornua CEO John Jordan raised concerns that the venture would “erode value” for Irish farmers.

In response, Glanbia’s spokesperson said that, as its largest shareholder and supplier, Glanbia is and will continue to be a strong supporter of Ornua.

Ornua has for many years been in competition with many of its members on international markets, the representative added.

“Glanbia will continue to develop markets to increase the value of its products and the consequent returns to its farmers.

“Competition in the market place is a reality – and legal requirement – with which Ornua is already familiar.

Glanbia believes there is sufficient room in the market for its Truly Grass Fed range to thrive alongside Ornua’s offerings.

“In a country with a growing milk pool and a looming Brexit challenge, Irish dairy farmers cannot be deprived of the opportunities to grow market share in a US retail cheese market worth $15 billion.”

From an Irish perspective this will require multiple brands targeting different market segments, especially in the context of Ornua’s current 0.3% market share, the spokesperson contended.

The firm looks forward to continuing its mutually-beneficial relationship with Ornua, the representative concluded.