Glanbia reveals intentions for €50 million share repurchase programme

Glanbia is announcing today that it intends to launch a share repurchase programme of up to €50 million.

The group revealed the programme in the release of its interim management statement for the nine-month period to October 3, 2020, which it revealed this morning (Thursday, October 29).

According to the organisation, the intention behind the programme is to acquire Glanbia shares on the open market and subsequently cancel them.

The board has decided to launch this programme as a result of the strong cash-flows in the business which provides an opportunity to allocate capital to benefit shareholders.

Glanbia expects to commence the share repurchase programme in November 2020 and an announcement with further details will be made immediately prior to its formal launch.

Glanbia board update

In a reshuffle of the group’s board of directors, it was announced that John Daly is to step down as independent non-executive director with effect from November 1, 2020, and Mary Minnick will step down as independent non-executive director with effect from December 31, 2020.

Jane Lodge and Roisin Brennan will join the board as independent non-executive directors effective November 1, 2020, and January 1, 2021, respectively.

Lodge is a former senior audit partner of Deloitte. In Jane’s 25 years as an audit partner, she gained “extensive knowledge and experience of international businesses in a wide variety of sectors – manufacturing [including food], complex engineering, construction, distribution and financial services”, Glanbia says.

Jane served on the Deloitte UK Board of Partners, overseeing management strategy, acquisitions, and for two years she was the UK manufacturing industry lead partner and played a key role in Deloitte’s global manufacturing executive.

She is currently a non-executive director of DCC plc, Costain Group Plc and Bakkavor Group plc and is a former non-executive director of Devro plc and Sirius Minerals plc.

Brennan is a former chief executive of IBI Corporate Finance Ltd and has over 20 years of investing banking experience, particularly advising public companies in Ireland.

She brings “strong strategic and financial advisory experience across many sectors including food and FMCG to the board”, Glanbia says.

Roisin was a non-executive director of DCC plc from 2005 until 2016 and is also a former non-executive director of Wireless Group plc, Coillte DAC and The Irish Takeover Panel.

She is currently a non-executive director of Ryanair Holdings plc, Hibernia REIT plc, Musgrave Group plc and Dell Bank International DAC.