€40m. that's a conservative measure of the stock market gain made by the purchasers of the Glanbia plc shares placed on the market by Glanbia Co-op in recent months. The co-op placed just over 17.6m plc shares at €7.60 a share. Today, the shares are trading at more than €10.
A €40m gain is nice money if you can get it, but surely this represents a major lost opportunity for the co-op. Then again, it could be argued that if it had not managed to offload the low margin business to the Irish farmers, the share price may not have jumped as high.
Even when the shares were placed at €7.60 they looked cheap, as the market was trading at more than €8. One wonders if anybody is prioritising the interests of farmer shareholders.