Last checked at 2 Nov 2012 12:27
Glanbia plc
Circular to Shareholders
Glanbia plc
2 November 2012
Glanbia plc
2 November 2012
Proposed dairy processing joint venture with Glanbia Co-operative Society Limited
- Publication of Circular and convening of Extraordinary General Meeting
On 23 October 2012, the board of Glanbia plc ("Glanbia") announced that it had signed contracts with Glanbia Co-operative Society Limited (the "Society") to enter into a joint venture in respect of Dairy Ingredients Ireland, (the "Transaction"), subject to approvals.
Under the Listing Rules, the Transaction is classified as a related party transaction (as the Society holds a Glanbia shareholding of approximately 54.4%). As such, the transaction requires the approval of Glanbia shareholders (other than the Society or persons connected to the Society) at an Extraordinary General Meeting ("EGM").
A circular is, today, being sent to Glanbia shareholders. This document provides details of the Transaction and contains a notice of the EGM to approve the Transaction.
The EGM will be held at Lyrath Estate Hotel, Old Dublin Road (R712), Kilkenny, Ireland at 11.00 a.m. on 20 November 2012.
The circular will shortly be available at www.glanbia.com/egm. To download please go to: http://www.glanbia.com/download/pdf/egm_circular_2012.pdf. Glanbia is also submitting the circular and related notice and proxy form to the UK National Storage Mechanism. This document will therefore be available for inspection at www.morningstar.co.uk/uk/NSM. A copy of the circular and related notice and proxy form is also being forwarded to the Irish Stock Exchange and will shortly be available for inspection at the Company Announcements Office, Irish Stock Exchange, 28 Anglesea Street, Dublin 2, Ireland.
If the Joint Venture Transaction is approved, the Society will convene General Meetings to approve the reduction of the Society's Glanbia shareholding to 41.4% through a spin-out and further sale of Glanbia shares. These meetings are to be held on 28 November 2012 and 12 December 2012.
ENDS