Tirlán Co-op to place shares in Glanbia
Tirlán Co-operative Society Limited (“Tirlán” or “the Co-op”) has today announced its intention to sell part of its shareholding in Glanbia plc (“Glanbia”) through a combination of a market placing and participation in a share buyback programme.
The transactions will involve the sale of up to 12 million Glanbia shares, representing approximately 5% of Glanbia’s issued share capital.
The sale will be executed through:
- A share placement to institutional investors via an accelerated bookbuild process which will be launched immediately after this announcement and;
- A directed share buyback by Glanbia of up to €50 million worth of shares at the same price established through the bookbuilding process. Shares acquired by Glanbia under this buyback, which is conditional on the share placement, will be cancelled, thereby reducing its overall number of shares in issue.
Tirlán said that the transaction represents 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.
Assuming the 12 million shares are fully placed, Tirlán will retain approximately 31.5 million shares in Glanbia. Tirlán will remain the largest equity investor in Glanbia and continues to be a strong supporter of its strategy.
Transaction Details
The placing is being led by Goodbody Stockbrokers and Rabobank, in cooperation with Kepler Cheuvreux, acting as joint global coordinators and bookrunners. The share offering is targeted at institutional investors only.
Tirlán will provide a further update when this process is completed.