independent

Friday 18 April 2014

Glanbia share success boon for Irish economy

Dear Sir,

I read John Shirley's opinion piece entitled 'Glanbia Share Price Jump', published in the Farming Independent of April 30, with a mixture of amusement and disbelief.

It takes a peculiar perspective to turn such a positive development into a moan but that's exactly what this piece succeeded in doing.

As one of thousands of farmers who have benefited directly and indirectly from the Glanbia reorganisation and the resulting society share sale and spin-out, I am baffled why a company whose achievements have been lauded elsewhere has been continuously nitpicked by John Shirley.

The shares sold on the stock exchange have increased in value by €46m.

The shares that were transferred from co-op ownership to individual shareholders have increased by €80m, while shares now owned by Glanbia Co-op have increased by €370m.

I hope that all purchasers of Glanbia shares will reap the harvest of the work being performed by our excellent management team via increasing share value in the future.

I would encourage John and the Farming Independent to celebrate this success, to acknowledge the much broader jobs and economic spin-off arising from what Glanbia and its farmers have achieved through the establishment of GIIL, and to recognise the decision of the overwhelming majority of farmers who approved the changes.

At a practical and short-term level the €200m spin-out to farmers means that we are better resourced to deal with the vagaries of the recent tough weather conditions.

So I respectfully suggest it's now time to focus on the real, long-term opportunity this reorganisation and share spin-out places before farmers.

This venture is a stepping stone for Glanbia and part of a new foundation for the real Irish economy.

Walter Power,

Chairman of Ballypatrick and Grangemockler Glanbia advisory committee.

Irish Independent

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