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Glanbia spinout 2021/2

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13

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  • Registered Users Posts: 6,941 ✭✭✭kevthegaff


    Icmsa are saying vote yes, should they interfere?



  • Registered Users Posts: 6,614 ✭✭✭jaymla627


    They should get f**ked, the debt burden that potentially is been taken on at half a billion if the shares aren't cashed in basically translates into 2 cent of our milk price for the next 10 years paying for it, the dropping of the 3.2% profit margin is irrelevant when you take into account the above, the cheerleading going on is probably from lads that want to cash in their co-op shares for plc ones and get a nice five figure lump of money



  • Registered Users Posts: 3,933 ✭✭✭GrasstoMilk


    Will you log into ifa webinar and put that opinion to them jay?



  • Registered Users Posts: 6,614 ✭✭✭jaymla627


    I've submitted 10 different questions for the sgm, including the above, its a waste of time trying to nail them over zoom meetings they simply won't ask your question our will brush over it, I'd have zero issue facing them down in person and have in the past, the previous co-op head man has a particular dislike for us....



  • Registered Users Posts: 3,933 ✭✭✭GrasstoMilk


    Every question was well answered last night I thought

    I personally think it will be a good move for the farmer just not really happy about the fund of 170m after the mess with peak milk that wasn’t foreseen and there poorer milk price for the last 5 /6 years



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  • Registered Users Posts: 11,163 ✭✭✭✭mahoney_j


    Glanbia issue aside …your 💯 with that bit about online meetings ….coop boards and management have had an armchair ride thru Covid due to a lack of face to face meetings wether for board/rep meetings or area meetings for suppliers …zoom or teams meetings are grand but when real issues need thrashing out ball is in management court …they are utterly frustrating questions and there answers can be fairly selective…for important issues you need face to face meetings where board and management have no screen to hide behind



  • Posts: 0 [Deleted User]


    Theres going to be confusion on how to vote, no explanation anywhere that I've seen and the vote is Friday

    All I know is that the speeches are targeted to go on for 15 minutes followed by 15 mins for the vote

    Its over teams aswell



  • Registered Users Posts: 6,614 ✭✭✭jaymla627


    Jim cashing in shares in October, the conflict of interest with him and this deal is of the reservation, its insider trading, its simply not tenable

    Combined plc shareholding of the 7 senior management directors before the restructure is circa 950000 plc shares, no wonder they want to off-load us and try and drive up plc share-price



  • Posts: 0 [Deleted User]


    Theres everything right in a rising share price


    Thats not what CoOP members are being asked to decide on

    We are voting on our milk grain and Agri business ownership

    The plc is the plc

    We are business people and should be deciding on a business case and not be by default letting the tail continue to wag the dog by voting on what others are doing or why

    And anyway how is a director selling shares at what looks to me the wrong time relevant at all to anything



  • Registered Users Posts: 1,269 ✭✭✭atlantic mist


    we own 60% of GI, 60% means we have complete control, we currently have control of milk and grain, look up all definitions of company control.....we had control of everything at 51%, we have less control now due to the structure our board agreed at last spin out where somehow our coop memebers agreed to give away the 60% voting rights....if you dont think we dont have control what happens if we send all our cows to larry goodman...the GI business fails...we as supplier have complete control

    in 10/15 years time bergin and current coop board wouldnt be there so that shouldnt have any bearing on the decision, the detail should, and there is a serious lack of detail, he runs a steady ship but powder plant was an error, no market fo baby ingredients so not at full capacity and cheese plant isnt going to plan to date, should board get 148m to invest further i dont know?? i like track records...i could give 148m to john, jim or sean or to blackstone or berkshirehthway

    diversify investment is interseting from chairman, thats exactly what plc was until the board started this spin out messing, are we starting again? were a dairy focused business i dont want to get into plant based alternatives, (grains are 58m of a 2.3billion business currently) there is no talk of higher value added products being added to our portoflio for milk seems if we spin out we stay as a commodity producer, besides a 0.6c possible rise thats the only scope for an increase into the future...thats bleak

    previous model ceo of plc wouldnt not give ceo of GI money for expansion as low margin, now were setting up a similar system with ceo of GI and coop investment the same person, confusing...

    do we want our coop to have a steady dividends income from plc or have a tiny dividends and hope these great new investments can return better im not sure i have the same faith as the board has, its a crazy world at the minute, in the space of 15 years we have went from 51% full control of everything (GI and the plc) to just control of GI...its a sad day for future generations and its the same board at the helm who want to sell from 51-17% and expect us to believe the rest wouldnt be gone in next 10-15 years

    im sure there is merit in some of proposal, but only the board and executive committees seem to be in the know of all detail and future strategy, ive nothing in writing on the 1.6% profit margin, lack of detail for a 300m deal is shocking, outsourced IT finance transport, we buying future cashflows that are completly dependant on us keeping producing, if enviro reg come and we all need to reduce we have way overpayed

    were being told well get shares worth 10k for avg supplier...by board memebers who have probably become milionaires through shares since taking their seats on the plc board curtsey of the coop and gaining all the privilaged info on the plc that goes with...the same amount of coop members in our coop will never be that privileged

    they should have looked for just the money to buy the balance of GI and leave all else alone or just took out a loan like all the rest of us have to do

    i cant begredge the older generation wanting to cash in on coop, i constantly am hearing whats in it for me during these discussions....which i dont think belong in a coop, what state are they leaving it for the future, it was 2euro a coop share to become a member and now is 5 euro a coop share, double the price to now become a new memeber and consistantly paid they one of lowest irish and international prices, ive contributed to the GI PAT since incorporation.....each of us suppliers has contributed greatly to the growing of the company off our backs gi managment and staff are paid and now the valuation of the company is dependantant on us the suppliers



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  • Registered Users Posts: 6,614 ✭✭✭jaymla627


    They where sold in advance of the announcement of a restructuring of the co-op/plc that the director had first hand knowledge of that wasn't available to ordinary shareholders



  • Posts: 0 [Deleted User]


    Yeah but it would be difficult to prosecute insider trading in a situation whereby the trajectory of share price after the CoOp vote if passed would be up not down

    The director or manager may have set a minimum price either several months ago

    You can of course report the matter to the various authorities, which I presume you have done

    They're not eejits altogether and do know that their transactions are notified



  • Registered Users Posts: 6,614 ✭✭✭jaymla627


    It's the principle of the matter, did you do the same level of cheerleading the last time when we voted away our right to a good milk price, and greenlit the sale of co-op held plc shares to help prop up milk price



  • Registered Users Posts: 2,941 ✭✭✭cute geoge


    I dont know you from Adam but if I was a Glanbia co op shareholder I would pushing you and the likes of you onto the co op committee .Its well time real farmers are reperesenting farmers interests on co op boards all thats on mosts of them committee are 'yes' company men



  • Registered Users Posts: 6,614 ✭✭✭jaymla627


    Been perfectly honest I'm seriously considering going back and finishing my final year in ucd of food and agri business management, then get a few letters after my name with a PhD, and hold this new venture to task if it gets the go ahead, the air of superiority that the likes of John and Siobhan think they hold over farmers on the board needs to be tore down and some level of accountability for their lies and spin they have feed us the past 10 years



  • Registered Users Posts: 6,941 ✭✭✭kevthegaff


    What will happen in the long run with the smaller co ops, will they merge or be taken over. Arrabawn seem to be well run but will there come a time it will float or merge



  • Posts: 0 [Deleted User]


    How arrogant

    I'm just answering your point

    Is it the case you don't want your points challenged?

    That would be hypocrisy Sir 🙄



  • Registered Users Posts: 11,163 ✭✭✭✭mahoney_j


    Things look rosey Kev ….very easy to with milk markets the way they are but there is lots of big issues ….more people need to get involved and take more of an interest with what’s going on within the coop …outside of board members and rep committee members very poor attendance at Mondays area meeting which covered the nenagh and Birr area …don’t know wether it’s the decent milk price that’s keeping lads away or not but new bodies are badly needed on our board and rep committees ….there was a saying in my dads time that it was harder get off than on the board ….no point lads kicking a stink when prices are poor



  • Registered Users Posts: 6,941 ✭✭✭kevthegaff


    What do you think will happen in the future J, will they merge with tipp or centenary



  • Posts: 0 [Deleted User]


    I’m a centenary supplier and I think eventually we will be bought out by glanbia.there’s a fair pool of milk in the centenary catchment as it stands.



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  • Registered Users Posts: 29,395 ✭✭✭✭whelan2


    Milk cheque in a day early, must be trying to soften us up. 52.49 cpl here



  • Registered Users Posts: 5,165 ✭✭✭Grueller


    Does that include a liquid bonus Whelan. 50.64 here on a straight manufacturing contract.



  • Registered Users Posts: 29,395 ✭✭✭✭whelan2


    Ye liquid in that



  • Registered Users Posts: 4,547 ✭✭✭JeffKenna


    I'm logged on ready to vote💪



  • Registered Users Posts: 5,165 ✭✭✭Grueller




  • Registered Users Posts: 4,547 ✭✭✭JeffKenna




  • Registered Users Posts: 6,614 ✭✭✭jaymla627


    A yes vote, means every milk supplier, is taking on a average of 90000 euro in co-op debt, the 3.2% been dropped is meaningless when it's just been replaced by debt and intrest repayments on the above and in all likelihood will be skimmed of milk price to pay it well above the 3.2%, have submitted this question today and at the other meetings and am still waiting on a answer, I wonder will I get a answer today?



  • Registered Users Posts: 29,395 ✭✭✭✭whelan2


    On a bus in Dublin listening to the meeting.....whe do ye reckon the voting will be?



  • Registered Users Posts: 6,614 ✭✭✭jaymla627


    Half 3 quater to 4, depends on the Q and A length, but that will be kept short and sweet I'd say



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  • Registered Users Posts: 29,395 ✭✭✭✭whelan2


    Not very dairy farmer friendly meeting time



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