Glanbia Co-op announces €60m package of cash flow support

Subject to approval by Members at the upcoming AGM the total package of measures includes:

• 30% increase in 2018 Ordinary Share Interest (Co-op dividend) to 13 cent per share
• €20m Patronage Support Fund for active Members
• 2018 Glanbia Advance Payment (GAP) Scheme €38m

Glanbia Co-operative Society Limited (Glanbia Co-op) today announced details of a package of proposals designed to increase cash flow to its Members by up to €60 million. The measures include proposals to increase the ordinary share interest (Co-op dividend) by 30% and a new Patronage Support Fund of €20 million for active Members as well as the launch of the 2018 Glanbia Advance Payment Scheme.

Members of Glanbia Co-op will vote on the proposals related to the Co-op dividend and the Patronage Support Fund at the upcoming Annual General Meeting (AGM) of Glanbia Co-op which takes place at Newpark Hotel, Castlecomer Road, Kilkenny on Wednesday 30 May at 11.00am.

Ordinary Share Interest (Dividend)

The Board of Glanbia Co-op will be recommending to the Co-op’s AGM a significant increase in the Co-op dividend paid to all Members. If approved by Members, the Co-op dividend will increase by 30% to 13 cent per Glanbia Co-op share (the ordinary dividend in 2017 was 10 cent per share).

€20 million Patronage Support Fund

The Board of Glanbia Co-op will also seek Members’ approval at the upcoming AGM for the creation of a new Patronage Support Fund through the allocation of €20 million to the Fund from the Co-op’s existing cash resources.

The Patronage Support Fund will be for the benefit of active Members who supply to, purchase from or trade with the Glanbia Group. If approved, the nature and timing of any payments from this Fund will be at the discretion of the Board of Glanbia Co-op. This new Patronage Support Fund will be in addition to the existing €30 million Member Support Fund for active Members which was approved by Glanbia Co-op Members at a Special General Meeting held in Punchestown in May 2017.

First Published 1 May 2018