Some 2,371 shareholders were at the exhibition centre in Punchestown racecourse to vote this Thursday, with the Glanbia Plc share value at €17.70 as voting started.
The required majority voted in favour of giving the co-op authority to establish a joint venture with the plc that will bring together Glanbia Ingredients Ireland, Glanbia Agri and Glanbia’s consumer division.
Votes on the five resolutions brought forward had to be counted seven times to account for the different types of shareholders. While the Glanbia Ireland proposal only needed a simple majority, some proposals needed a two-third majority.
Glanbia group managing director Siobhan Talbot told the Irish Farmers Journal after the vote that there were "exciting times ahead". "This was a resounding vote from the co-op," she said. "We will come together on Monday and hopefully have a similar endorsement", when the plc holds an extraordinary general meeting to approve its side of the deal.
Talbot said that the plan was then to complete the transaction by the end of June to get Glanbia Ireland up and running. "I’ve no doubt that we will see over the next period of time significantly more innovative type arrangements than we’ve had heretofore around fixed-milk price arrangements, etc. because we recognise that ultimately, too, it is for farmers to protect their margins," she added.
On milk prices in general, she said that "the general tone as of now is for stability".
Listen to reactions from Talbot and Glanbia co-op board members Brenda Hayes in our podcast below:
Listen to "Reactions to Glanbia Ireland vote" on Spreaker.
IFA president Joe Healy welcomed the strong farmer turnout for the vote and said: "The success of Glanbia Ireland will be judged in the long run on its ability to deliver strong base prices for milk and grain, and to deliver competitively priced inputs.”
Resolution 1: authority to establish a joint venture (needs 50% to pass in each category of shareholders, a1, a2, a4). Carried with 93.11% of the vote.
Resolution 2: authority to apply reserves to establish Glanbia Ireland Dividend Patronage Fund (needs 50% to pass in each category of shareholders, a1, a2, a4).Carried with 92.36% of the vote.
Resolution 3: authority to reduce society shareholding in Glanbia plc below 33% (needs two-third majority from the three categories of shareholders and two-third majority from the a1 shareholders who are the active milk suppliers to pass).Carried with 91.25% of the vote.
Resolution 4: new rule 4 h) ii to acquire further member approval to reduce society shareholding in Glanbia plc below 28% (needs two-third majority from the three categories of shareholders and two-third majority from the a1 shareholders who are the active milk suppliers to pass).Carried with 89.45% of the vote.
Resolution 5: authority to declare ordinary share interest of 26c/ordinary share. Authority to apply reserves to establish Members Support Fund (needs 50% to pass in each category of shareholders, a1, a2, a4). Carried with 91.38% of the vote.
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What is being asked of the Glanbia Co-op members?
Some 2,371 shareholders were at the exhibition centre in Punchestown racecourse to vote this Thursday, with the Glanbia Plc share value at €17.70 as voting started.
The required majority voted in favour of giving the co-op authority to establish a joint venture with the plc that will bring together Glanbia Ingredients Ireland, Glanbia Agri and Glanbia’s consumer division.
Votes on the five resolutions brought forward had to be counted seven times to account for the different types of shareholders. While the Glanbia Ireland proposal only needed a simple majority, some proposals needed a two-third majority.
Glanbia group managing director Siobhan Talbot told the Irish Farmers Journal after the vote that there were "exciting times ahead". "This was a resounding vote from the co-op," she said. "We will come together on Monday and hopefully have a similar endorsement", when the plc holds an extraordinary general meeting to approve its side of the deal.
Talbot said that the plan was then to complete the transaction by the end of June to get Glanbia Ireland up and running. "I’ve no doubt that we will see over the next period of time significantly more innovative type arrangements than we’ve had heretofore around fixed-milk price arrangements, etc. because we recognise that ultimately, too, it is for farmers to protect their margins," she added.
On milk prices in general, she said that "the general tone as of now is for stability".
Listen to reactions from Talbot and Glanbia co-op board members Brenda Hayes in our podcast below:
Listen to "Reactions to Glanbia Ireland vote" on Spreaker.
IFA president Joe Healy welcomed the strong farmer turnout for the vote and said: "The success of Glanbia Ireland will be judged in the long run on its ability to deliver strong base prices for milk and grain, and to deliver competitively priced inputs.”
Resolution 1: authority to establish a joint venture (needs 50% to pass in each category of shareholders, a1, a2, a4). Carried with 93.11% of the vote.
Resolution 2: authority to apply reserves to establish Glanbia Ireland Dividend Patronage Fund (needs 50% to pass in each category of shareholders, a1, a2, a4).Carried with 92.36% of the vote.
Resolution 3: authority to reduce society shareholding in Glanbia plc below 33% (needs two-third majority from the three categories of shareholders and two-third majority from the a1 shareholders who are the active milk suppliers to pass).Carried with 91.25% of the vote.
Resolution 4: new rule 4 h) ii to acquire further member approval to reduce society shareholding in Glanbia plc below 28% (needs two-third majority from the three categories of shareholders and two-third majority from the a1 shareholders who are the active milk suppliers to pass).Carried with 89.45% of the vote.
Resolution 5: authority to declare ordinary share interest of 26c/ordinary share. Authority to apply reserves to establish Members Support Fund (needs 50% to pass in each category of shareholders, a1, a2, a4). Carried with 91.38% of the vote.
Read more
What is being asked of the Glanbia Co-op members?
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