The Irish Farmers’ Association (IFA) fresh milk committee chair has described the Glanbia plc shares spin-out’ by Tirlán Co-op as “the right thing to do”.

On Friday 4 October, Tirlán Co-op members will vote on a rule change which would give Tirlán directors ultimate control over where to invest upwards of €600m.

Farmers will also vote on whether to spin out 15m shares in Glanbia plc. The spin out equates to approximately €243m being shared by Tirlán members or approximately €7,140 in value for every 1,000 co-op shares held.

The IFA’s fresh milk producers committee chair John Roche encouraged members to attend the meeting and vote in favour of the proposal.

“This is a reward for farmers and co-op members who have built up Tirlán to the co-op it is today,” he said. “It is also the right thing to do for our milk processing co-op and will allow for Tirlán to invest in opportunities that may arise that will add value to our co-op model.”