Glanbia PLC (GLB) - Circ re. Joint Venture
RNS Number : 2269Q
02 November 2012
Circular to Shareholders
2 November 2012
2 November 2012
Proposed dairy processing joint venture with Glanbia Co-operative Society
- 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,
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.
This information is provided by RNS
The company news service from the London Stock Exchange
JVEFSLFEEFESEEF -0- Nov/02/2012 12:27 GMT
Press spacebar to pause and continue. Press esc to stop.