Glanbia directors set for share windfall worth €6.4 million

A total of six senior directors of Irish agribusiness giant Glanbia are set to receive some 379,160 shares from the entity worth a combined €6.44 million.

Disclosed in a director/PDMR shareholding document, the six executives include: Mark Garvey; Michael Horan; Hugh McGuire; Michael Patten; Brian Phelan; and group managing director Siobhan Talbot, with transactions ranging from 27,887 to 145,752 shares.

According to the document, the awards are granted under the Glanbia plc 2018 Long Term Incentive Plan, under which shares are granted in the form of a provisional allocation of shares for which no exercise price is payable.

Currently, Glanbia shares trade for €16.98 on the Irish Stock Exchange.

Under the “Long Term Investment Plan”:
  • Siobhan Talbot, group managing director and executive director, will receive 145,752 shares;
  • Mark Garvey, group finance director and executive director, will be in line for 64,520 shares;
  • Michael Horan, group secretary, will get 27,887 shares;
  • Hugh McGuire, Glanbia Performance Nutrition CEO and executive director, will receive 58,336 shares;
  • Michael Patten, group human resources and corporate affairs director, is set to receive 31,785 shares; and
  • Brian Phelan, Glanbia Nutritionals CEO and executive director, will be in line for 50,880 shares.

The delivery of the shares is subject to performance measured over a three-year period ending January 1, 2022. Awards may not vest earlier than March 21, 2022, the shareholding note underlines.

The date of transaction for each secretary was Thursday, March 21 last.