Glanbia Coop Society Reduces Stake in Glanbia PLC
15 May 2015 --- Glanbia, the global performance nutrition and ingredients group, has been informed by Glanbia Co-operative Society Limited hat the proposals, details of which were set out in the announcement of 18 March 2015, were approved at the Special General Meeting (SGM) of the Society held on 14 May 2015.
As a result, the Society intends to sell 4 million Glanbia shares equivalent to 1.35% of the issued share capital of the company and distribute 10 million Glanbia shares to over 15,500 individual Society members equivalent to 3.38% of the issued share capital of Glanbia.
J&E Davy and Goodbody Stockbrokers have been appointed by the Society as joint book-runners on the Placing of the 4 million Glanbia shares. The Placing will take place via an accelerated book build process.
Once the Placing and Spin Out are completed, the number of Glanbia shares held by the Society will reduce from 121.9 million (41.2% of Glanbia issued shares) to 107.9 million (36.5% of Glanbia issued shares). The Society's Board will retain the discretion to reduce the Society's holding in Glanbia 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.
Once the Placing and Spin Out are completed, the number of Glanbia shares held by the Society will reduce from 121.9 million (41.2% of Glanbia issued shares) to 107.9 million (36.5% of Glanbia issued shares). The Society's Board will retain the discretion to reduce the Society's holding in Glanbia 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.
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