Wednesday 28 September 2016

Windfall for farmers after vote on €238m Co-op payout

Published 15/05/2015 | 02:30

The move comes as the dairy sector is in the midst of huge expansion following the abolition of milk quotas
The move comes as the dairy sector is in the midst of huge expansion following the abolition of milk quotas

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.

  • Go To

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.

Irish Independent

Read More

Promoted articles

Editors Choice

Also in Business