Glanbia April milk price held at 31 cpl

Glanbia milk suppliers will receive a base price of 31 cent per litre (cpl) for April manufacturing milk supplies.

Glanbia will pay its milk suppliers 31 cent per litre (cpl) including VAT for April manufacturing milk supplies.

Glanbia Ingredients Ireland (GII) has held its base price for April at 31 cpl including VAT for manufacturing milk at 3.6% fat and 3.3% protein.

Glanbia Chairman Henry Corbally said that the Board will continue to monitor dairy markets on a monthly basis.

Special General Meeting

Meanwhile, all eligible Glanbia Co-operative Society shareholders are being encouraged to attend the Special General Meeting (SGM) of the Co-op taking place this Thursday at 12 noon in Punchestown Event Centre.

Glanbia chairman Henry Corbally said: “On Thursday, our Members are being asked to vote on an important set of proposals that will shape the future of our organisation. I would encourage as many eligible shareholders as possible to attend the SGM and make their vote count.”

Glanbia Co-op recently announced that it has reached agreement with Glanbia plc to create Glanbia Ireland, a strategic joint venture encompassing Glanbia Ingredients Ireland, Consumer Products and Agribusiness. On Thursday, Members will be asked to approve the formation of this joint venture and a number of related proposals.

Glanbia Ireland will own leading consumer and agri brands such as Avonmore, GAIN, Kilmeaden Cheese, Premier and Wexford. With annual revenue of €1.5 billion, Glanbia Ireland will be a diversified business majority owned by Glanbia farmers.

Subject to Member approval, the Board of Glanbia Co-op also proposes to allocate €40 million of its resources to Member Support.

The Board of the Co-op proposes to transfer, via Share Spin-Out, 2% of Glanbia plc’s issued share capital (approximately 5.9 million Glanbia plc shares), to all existing Members of the Co-op. This is worth over €100* million to Glanbia Co-op members, or €6,637* for a member with the average shareholding. For active dairy farmer members, the average value of the spin-out would be €10,791*.

* Based on Glanbia plc closing share price of €17.13 on Friday 17 February.

First Published 15 May 2017