Glanbia Co-operative Society Limited (Glanbia Co-op) has confirmed today (Tuesday, September 13) that it has transferred around €150 million worth of Glanbia plc shares to over 11,000 members.

The spin-out is worth approximately €12,000 to a co-op member with an average shareholding, or around €4,000 for each 1,000 co-op shares held.

The overall valuation of the spin-out of approximately 12 million plc shares is based on the plc share price of €12.48 at close of business yesterday.

Glanbia Co-op said that the transaction is aimed at releasing a portion of the value of the co-op to shareholders.

The spin-out confirmed today was among a number of measures approved by co-op members at a Special General Meeting (SGM) held on December 17, 2021.

This included purchasing the remaining 40% stake in Glanbia Ireland from Glanbia plc to become the outright owners of the Irish dairy and grain business.

Another SGM will be held on Thursday (September 15) where Glanbia Co-op members will vote on a proposal to change the name of the co-op to Tirlán.

Following the completion of the spin-out, the co-op will remain the largest individual shareholder in Glanbia plc, with 27.6% of the issued share capital.

This shareholding was valued at approximately €943 million, based on the plc closing share price yesterday.

Commenting on the latest development for the co-op, John Murphy, chair of Glanbia Co-operative Society said:

“We are pleased to complete this spin-out to allow members to gain access to some of the value of their investment.

“In recent weeks we made the very exciting announcement regarding our re-branding as Tirlán. Our co-op is well placed to continue to deliver for our farmer members,” he said.

The co-op said that a detailed information pack, including details of individual plc share allocations, will be issued to shareholders in the coming weeks.

“On receipt of their Glanbia plc share certificates, shareholders can choose to sell or retain the shares as they see fit,” a spokesperson for Glanbia Co-op said.

Since 2013, the co-op has distributed over €888 million to members through a combination of Glanbia plc share spin-outs, patronage support and dividend payments.