Shareholders in Glanbia co-op receive €6.7m special dividend payment

A payment of €6.7m in special dividends has been made to shareholders of the Glanbia Co-operative Society, at a price of 16.7c/share.

This special dividend payment represents part of the proceeds of the co-op’s €67.4m Member Support Fund which was raised in May of last year.

The fund was raised following the sale of four million shares in Glanbia plc after a decision made by the Co-operative Society at the Special General Meeting (SGM) held in Gowran Park in May 2015.

The Society’s Chairman, Henry Corbally, said that when the co-op created the Members Support Fund in 2015, it had committed to paying 25% (€16.85m) of the fund as a special dividend to all shareholders.

“Glanbia Co-operative Society has a clear strategy that delivers value creation, by supporting our investments in Glanbia plc and Glanbia Ingredients Ireland (GII) and value distribution, through support for members and a progressive dividend policy.”

Meanwhile, the co-op also paid a special dividend of 25c/share to all shareholders in May of this year.

These two special dividends paid in 2016 are in addition to the ordinary dividend (share interest) of 10c/share that was approved at the Society’s Annual General Meeting on May 5 and paid in July of this year.

In total, this means that 52c/share in total dividend payments has been made to Glanbia Co-op shareholders in 2016.

All dividend payments were made directly to the bank accounts of Society members that have provided banking details to facilitate such payments, Glanbia has said.

Glanbia expects to deliver a growth on earnings per share of 8-10%

Earlier this week, Glanbia plc announced that it expects to deliver adjusted earnings per share growth of 8% to 10% on a constant currency basis for the full year 2016.

Total Group revenue for the first nine months of the year declined 0.4% on a reported basis and grew 0.2% on a constant currency basis, according to its third quarter interim management statement.