Windfall for farmers after vote on €238m Co-op payout
More than 15,500 farmers are in line for a massive payout after voting in favour of a conversion of valuable shares in Irish food giant Glanbia.
The move will see around €238m made available to members of the Glanbia Co-operative Society through the spin-out of 10 million Plc shares and a members' support fund.
The 15,500 Co-op shareholders will receive an average of more than €15,000 each from the spin-out of the Glanbia Plc shares based on a buoyant March share price of €17.03.
The windfall is understood to range from a couple of hundred euros for some smaller farmers to around €150,000 for larger Co-op members.
The move comes as the dairy sector is in the midst of huge expansion following the abolition of milk quotas.
Almost 93pc of members voted to reduce the Co-ops shareholding in Glanbia Plc.