independent

Wednesday 16 April 2014

Glanbia alert as shareholders targeted in phone campaign

GLANBIA has warned its shareholders to be wary of unsolicited phone calls from people offering to buy and sell Glanbia shares on their behalf.

Glanbia contacted shareholders late last week warning them about the potential scam.

"If you receive a call offering to buy or sell shares in Glanbia PLC on your behalf, please show extreme caution as these calls are not genuine and should be ignored," the company told its shareholders.

Thousands of shareholders will get a windfall worth an average of €15,000 to €20,000 after Glanbia co-op members voted in favour of a deal to reduce the co-op's shareholding in Glanbia PLC earlier this month.

The new joint venture will be the largest dairy processing business in the country.

The deal means that members will get a windfall as part of the share spin-out and sale. They will receive 7pc of the issued share capital of the PLC and can then sell or keep the shares. That shareholding is worth at least €157m in total at the recent PLC share price.

Shareholders are being warned to ignore the phone calls from people offering to buy or sell the shares they receive as part of the spin-out.

A further 3pc shareholding, worth about €67m, will be used to help fund the ingredients business and clear debts in the co-op.

Under co-op rules, the deal had to be passed by 75pc of eligible members at two special general meetings. The first, which saw the vote carried with an 82pc majority, took place over a month ago, and another vote two weeks ago was passed by an 83pc majority.

Irish Independent

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