Tillage and drystock farmers who have traded in excess of €5,000 in each of the last two years with Glanbia now have the option to buy a minimum of 2,000 shares at €5 each in Glanbia co-op as it issues up to 3 million new shares.

The co-op is trying to clean up its list of inactive members and will buy back an equivalent number from members who wish to exit at a price of €5/share.

The co-op is now valued at almost €2bn based on the value of the plc, which would give the shares a see-through or true value of about €53 per share.

However, this value is not attainable in reality as the co-op and the plc cannot detach or be sold.

Therefore, the shares are not liquid and trading only happens when the co-op offers exchanges. During the last exchange shares were priced at €2.88. The co-op felt that €5 was a price that would enable trade for both buyers and sellers.

The co-op will pay a dividend of 10c per share in 2016, similar to last year. This means a return of 2%. A special dividend of 25c coming from the sale of shares in the plc last summer will also be paid in 2016.

Along with grain and dairy bonuses for suppliers, co-op members receive a €7/t rebate on 2016 feed and fertiliser purchases.