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Glanbia Co-op completes placement of 8.7m Glanbia plc shares

Glanbia
The placement of 8.7 million shares will raise approximately €155m. Photo: Courtesy of Glanbia

On completion of both the placement and the “spin-out”, Glanbia Co-op’s holding in Glanbia plc will be 31.5% of the issued share capital.

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23 May 2017 | 0

Glanbia Co-operative Society (Glanbia Co-op) announced yesterday that it had completed the placement of 8.7 million ordinary shares in Glanbia plc (equivalent to approximately 3% of Glanbia plc’s issued share capital) at a price of €17.80 per share. The share placement will raise approximately €155m for Glanbia Co-op.

The share placement follows the decision taken last week by Glanbia Co-op shareholders to approve the acquisition of 60% of Dairy Ireland from Glanbia plc and the creation of a new joint venture to be known as Glanbia Ireland.

As originally announced on 22 February 2017, Glanbia Co-op has agreed to pay €112m to acquire a 60% shareholding in Glanbia plc’s Dairy Ireland division, which consists of Glanbia Consumer Products and Glanbia Agribusiness.

The proposed transaction and the creation of Glanbia Ireland were also approved by Glanbia plc’s Independent Shareholders at an Extraordinary General Meeting (EGM) on Monday morning at Lyrath Estate Hotel, Co. Kilkenny. This transaction is expected to close on 2nd July 2017.

Glanbia Ireland will be a new joint venture combining Glanbia Ingredients Ireland, Glanbia Consumer Products and Glanbia Agribusiness, 60% owned by Glanbia Co-op and 40% owned by Glanbia plc.

The funds raised by Glanbia Co-op from today’s share placement will finance the acquisition of 60% of Dairy Ireland and fund €40m in support for members of the Co-op.

Once the placement is complete the Co-op will hold approximately 33.5% of the issued share capital of Glanbia plc.

In addition, Glanbia Co-op shareholders voted last week to distribute by way of “spin-out” approximately 5.9 million shares in Glanbia plc to all members of the Co-op, equivalent to 2% of Glanbia plc’s issued share capital. This process will be completed later this year.

On completion of both the placement and the “spin-out”, Glanbia Co-op’s holding in Glanbia plc will be 31.5% of the issued share capital.

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