A win-win situation as farmers vote 'Yes'
It was one of those rare win-win situations. Glanbia Plc got the go-ahead to reduce the Co-op's shareholding from 41.4pc to 36.5pc and to whittle down the overcrowded boardroom, while farmers strolled out of the packed Gowran Park Racecourse with the chance to cash in on valuable shares.
It was never going to be controversial because this one, unlike the previous spin-outs, did not involve the creation of a new company or try to pawn off parts of the business.
This was a pure transaction, and there is not a farmer in the country who is going to say no at a time when many are contemplating the funding of a major farm expansion with the end of quotas.