[28 November 2012]: circa. 81.8% of A1, A2 and A4 members and 77.1% of milk supplier members of Glanbia Society (the “Society”) who attended and voted at a Society General Meeting (“SGM”) today, voted in favour of the resolution for a share spin-out and sale. The resolution which is subject to a second confirmatory vote on 12 December 2012, will if approved, result in a €224million share spin-out and sale (illustration at share placing price of €7.60 on 20 November).
The result of the ballot, conducted independently by the Irish Co-operative Organisation Society (“ICOS”), was announced after 4,649 farmers cast their votes today at Gowran Park racecourse in County Kilkenny today.
Commenting, Chairman, Liam Herlihy said: “Today’s Proposal is the first step in the process of giving value back to the Society members who have created the Glanbia organisation. On behalf of the Society Board I welcome today’s result as a solid endorsement of the Board’s Proposal. The commitment of farmers who turned out yet again to vote in such huge numbers is commendable. Securing the support of 81.8% of members attending and voting on the day is a tremendous achievement, but to be effective it requires another 75% approval at a confirmatory vote on December 12. I am now calling on all members to re-double their efforts to attend and vote, so that the benefits of the share spin-out and sale can be realised.
“A yes vote on December 12th will give our newly established JV, Glanbia Ingredients Ireland (“GII”), a strong start; it will put cash into the Society which will give it the flexibility to provide a wide range of options for members, and it will distribute c€157million of plc shares to members. In addition, based on the current share price, the Society’s shareholding in the plc will be worth close to €1billion” Mr Herlihy added.
Voting at Gowran Park
Voting on the proposal took place at Gowran Park Racecourse in County Kilkenny, in a purpose built, 10,000 sq. mt marquees, with seating capacity for 6,000 members. A1, A2 and A4 members were entitled to vote. The approval threshold was 75%, with confirmatory approval by 75% of voting milk suppliers also required.
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For further information contact:
Glanbia plc on +353 56 777 2200
Geraldine Kearney, Group Corporate Communications Director + 353 87 231 9430