Tirlán Co-op confirms sale of shares in Glanbia
Tirlán Co-operative Society Limited (“Tirlán” or “the Co-op”) has confirmed that it has sold 12 million shares in Glanbia plc by way of an Equity Placement and a Share Buyback at a price of €21.47 per share, resulting in proceeds of approximately €257.6 million.
Following these transactions, Tirlán will hold 31.5 million shares in Glanbia, or approximately 13.2% of the issued share capital (including the related cancellation of shares).
Tirlán Chairperson Ger O’Brien said that the transaction represented a step in the Co-op’s longer-term journey to have a more diversified investment portfolio, in line with the approval obtained from Members at a Special General Meeting (SGM) on 4 October 2024.
“It is the Board’s intention to re-invest the funds raised, over time, in the longer-term best interests of the Co-op,” he said.
“Importantly, we retain strong confidence in Glanbia plc’s strategy, performance and future outlook, and we remain its largest shareholder.”
Goodbody Stockbrokers and Rabobank, in cooperation with Kepler Cheuvreux, acted as joint global coordinators and joint bookrunners in connection with the Equity Placement, which was confined to institutional investors.