Glanbia PLC GLB Result of Society Members Vote

  Glanbia PLC (GLB) - Result of Society Members Vote

RNS Number : 1120R
Glanbia PLC
14 November 2012

         Society MEMBERs APPROVe irish dairy processing joint VENTURE

               GLANBIA plc shareholders to VOTE on 20 NOVEMBER


14 November 2012 - Glanbia  plc ('Glanbia'), the global nutritional  solutions 
and cheese group,  today confirms  that Glanbia  Co-Operative Society  Limited 
("the Society") has  received 70.7%  approval of eligible  members voting  and 
present at local ballots on November 13  to enter into a 40% (Glanbia) :  60% 
(Society) dairy processing joint venture with Glanbia plc. The joint  venture, 
to be named Glanbia Ingredients Ireland Limited (the "Joint Venture" or "GII")
will comprise the business and operations of Dairy Ingredients Ireland. 

As this is a related party transaction Glanbia plc shareholders, excluding the
Society, will vote on the proposal at an Extraordinary General meeting ("EGM")
which is to be held on Tuesday, 20 November 2012, at 11.00am at Lyrath  Estate 
Hotel, Kilkenny. If approved by Glanbia shareholders, and following a placing
of 3% of the  issued share capital  of Glanbia plc owned  by the Society,  the 
Joint Venture transaction is expected to be completed on 25 November, 2012.

Subject to the Joint Venture transaction being approved, the Society will seek
member approval to reduce its shareholding in Glanbia to 41.4%.Voting on this
proposal will be held at two  separate Society Special General Meetings to  be 
held on 28 November and 12 December respectively. These proposals will require
the approval of not less than 75% of eligible Society members who are  present 
and voting on  the day,  including 75% of  members classified  as active  milk 
suppliers who are present and voting on the day.

Commenting, John Moloney, Group Managing Director of Glanbia plc said:

"After a number of months of constructive and informative debate, we  greatly 
welcome the  strong  endorsement  by  Society members  of  the  Joint  Venture 
proposal. While  still  subject  to Glanbia  plc  shareholder  approval,  the 
approval by  Society members  represents a  significant and  penultimate  step 
towards the  completion  of the  Joint  Venture. The  Joint  Venture  presents 
substantial strategic opportunity  for both  Glanbia and the  Society. From  a 
Society perspective, it  creates a  strong platform  from which  to grow  milk 
volumes and capture the  benefits arising from  increased milk production  and 
processing post the  abolition of milk  quotas in 2015.  For Glanbia plc,  the 
Joint Venture  enables  it to  continue  its successful  international  growth 
strategy and maximise  value for all  shareholders. We now  look forward to  a 
successful vote by Glanbia plc shareholders  on the Joint Venture proposal  on 
20 November".


For further information contact:

Glanbia plc

Siobhán Talbot, Group Finance
Director +353 56 777

Shane Power, Group Investor Relations
Manager +353 56 777 2244

Geraldine Kearney, Corporate Communications Director 
+ 353 87 231 9430

Murray Consultants

Pat Walsh

+353 87 2269 345

Note to Editors:

About the proposed new Irish dairy processing Joint Venture transaction:

The Joint Venture transaction  incorporates the business  and assets of  Dairy 
Ingredients Ireland ("DII"), a business unit of the Dairy Ireland division  of 
Glanbia, including its 45% share of the  Corman Miloko Ireland JV and its  23% 
shareholding in the Irish Dairy Board. Under the proposed transaction, the new
joint venture, to be known as Glanbia Ingredients Ireland ("GII") will be  60% 
owned by the Society and 40% owned by Glanbia. The business, net fixed assets,
working capital  and liabilities  of  DII will  be  transferred to  the  joint 
venture, which will also assume the relevant pension obligations of DII.

The existing  DII  business is  the  largest dairy  ingredients  processor  in 
Ireland, assembling a milk pool of  1.6 billion litres and processing it  into 
c.180,000 tonnes of dairy ingredients largely for export to over 50  countries 
worldwide. In 2011, DII generated revenue of €738 million, operating profit of
€33 million and EBITDA of €44 million.

                     This information is provided by RNS
           The company news service from the London Stock Exchange


JVEUSSARUSAAAAA -0- Nov/14/2012 11:47 GMT
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