Glanbia Co-op Reduces Stake in Glanbia plc
Glanbia Co-operative Society is reducing its stake in Glanbia plc, the global performance nutrition and ingredients group, by 1.35% to 39.8% through a placement of 4 million ordinary shares in Glanbia plc.
In addition, Glanbia Co-operative Society plans to distribute (spin out) 10 million Glanbia plc shares to over 15,500 individual Society members. This is equivalent to 3.38% of the issued share capital of Glanbia plc. The distribution process is expected to be completed by the end of August 2015.
Once the spin out has been completed the Glanbia Co-operative Society’s shareholding will reduce to 107,919,315 ordinary shares in Glanbia equivalent to 36.5% of the company.
The Glanbia Co-operative Society ‘s board will retain the discretion to reduce the holding in Glanbia plc to 33% in the future. The Society’s representation on the board of Glanbia will reduce to 10 members in 2016, 8 members in 2018 and to 7 members in 2020.
