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Wednesday 7 December 2016

Glanbia co-op completes payment of Special Dividend to shareholders

FarmIreland team

Published 03/11/2016 | 15:27

Glanbia chairman Henry Corbally
Glanbia chairman Henry Corbally

Glanbia Co-operative Society Limited (“the Society”) has completed the distribution of a 16.7 cent per share Special Dividend to all members.

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This payment of €6.7 million represents part of the proceeds of the €67.4 million raised by the Society following the Special General Meeting (SGM) held in Gowran Park in May 2015, where members approved a €67.4 million Member Support Fund through the sale of four million shares in Glanbia plc.

The Society’s Chairman, Henry Corbally, said that when the Co-operative had created the Members Support Fund in 2015, it had committed to paying 25% (€16.85 million) of the Fund as a Special Dividend to all shareholders.

“Glanbia Co-operative Society has a clear strategy that delivers value creation, by supporting our investments in Glanbia plc and Glanbia Ingredients Ireland (GII) and value distribution, through support for members and a progressive dividend policy.”

In May 2016, the Co-operative paid a Special Dividend of 25 cent per share to all shareholders.

The two Special Dividends paid in 2016 are in addition to the Ordinary Dividend (Share Interest) of 10 cent per share that was approved at the Society’s Annual General Meeting on 5 May and paid in July 2016.

It says this brings total dividend payments to Glanbia Co-op shareholders in 2016 to 52 cent per share.

All dividend payments were made directly to the bank accounts of Society members that have provided banking details to facilitate such payments.

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