Society Approve Share Sale & Spin-Out on 1st vote

RNS Number : 2521S

Glanbia PLC

28 November 2012

 



SOCIETY MEMBERS PASS FIRST VOTE TO APPROVE PROPOSED reduction in society's shareholding in glanbia plc FROM 51.4% to 41.4%

28 November 2012 - Glanbia plc ("Glanbia" or the "Company"), the global nutritional solutions and cheese group, has been informed by Glanbia Co-operative Society Limited (the "Society") that the proposal to reduce the Society's shareholding in Glanbia plc to 41.4% (the "Proposal") has achieved the 75% approval required at today's first Special General Meeting ("SGM") of the Society.

A second SGM to confirm the approval will be held on 12 December 2012.  The second vote will also require 75% approval by Society members.

If approval is achieved at the second SGM, the Society will sell Glanbia shares equivalent to 3% of the issued share capital of the Company and distribute shares to individual members of the Society equivalent to 7% of the issued share capital of Glanbia.

Commenting, John Moloney, Group Managing Director of Glanbia plc said:

"We welcome today's vote by Society members and we look forward to the successful outcome of the confirmatory vote on 12 December. On a related note, we are pleased to confirm that the Irish dairy processing joint venture between Glanbia and the Society, Glanbia Ingredients Ireland, was completed on 25 November."

ENDS

For further information contact:

Glanbia plc 

Siobhán Talbot, Group Finance Director                                                [phone]

Shane Power, Group Investor Relations Manager                             [phone]

Geraldine Kearney, Corporate Communications Director             [phone]

Murray Consultants                                                                                       

Pat Walsh                                                                                                            [phone]

IMPORTANT INFORMATION

This announcement is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the US Securities Act. Neither Glanbia nor the Society intends to register any offering of shares in the United States and there will be no public offering of shares in the United States.        

 

END

 

 

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