WexfordLocal.com

€307m to acquire 40% Glanbia shareholding

By Dan Walsh

Glanbia Co-op is proposing to take full ownership of Glanbia Ireland by purchasing Glanbia plc’s 40% stake in the strategic joint venture. Ireland’s leading dairy processor, Glanbia Ireland, is a €2 billion, integrated agri-food and nutrition business, with world-class dairy and grain processing assets and an award-winning portfolio of brands including Avonmore, Kilmeaden and GAIN Animal Nutrition.

Glanbia Co-op also proposes to create an Investment Fund that will be available to pursue new opportunities with the aim of driving higher returns for Co-op Members.

The new ownership model will support the Co-op’s ambitions to build one of Europe’s top Co-ops, with greater flexibility to support Members, pursue new opportunities and add value to milk and grain through innovation.

All proposals are subject to the successful conclusion of contract negotiations, the relevant shareholder approvals within both Glanbia plc and Glanbia Co-operative Society and any necessary regulatory approvals.

Glanbia Co-operative Society (“Glanbia Co-op”) has signed a non-binding agreement with Glanbia plc (“the PLC”) to take full ownership of Glanbia Ireland (GI). Currently, Glanbia Ireland operates as a strategic joint venture, 60% owned by Glanbia Co-op and 40% owned by Glanbia plc.

New Glanbia Co-op Chief Executive Jim Bergin pictured with Glanbia Co-op Chairman John Murphy as the Co-op announced it is proposing to acquire full ownership of Glanbia Ireland. Glanbia Co-op also proposes a €168m ‘spin-out’ of plc shares to Members and the creation of an Investment Fund of €168m. (Photo: Mary Browne)

Subject to the successful conclusion of contract negotiations and the relevant shareholder approvals within both Glanbia plc and Glanbia Co-operative Society, Glanbia Co-op proposes to pay €307 million to acquire Glanbia plc’s 40% shareholding in Glanbia Ireland.

The PLC will contribute €8 million related to pension, rebranding and separation costs in connection with the proposed transaction. In addition, it is agreed that GI will not be required to pay the dividend payable to the

PLC in 2022 in respect of the 2021 financial year (estimated at €14 million) and up to the closing of the proposed transaction.

Up to 50% of the consideration payable for the proposed transaction will be funded by the Co-op through the sale of shares in Glanbia plc (estimated at approximately 11.5 million* shares), with the balance to be funded through borrowings.

Glanbia Co-op also proposes to transfer, via Share Spin Out, 12 million Glanbia plc shares to all existing Members of the Society. Based on the Glanbia plc’s closing share price of €13.98 on 9 November 2021, this would be worth approximately €168 million, or €11,028* for a Member with an average shareholding.

This follows the spin-out of a total of 36.5 million Glanbia plc shares worth over €510 million* by Glanbia Co-op in 2013, 2015 and 2017. Glanbia Co-op is the largest individual shareholder in Glanbia plc, holding 93.3 million shares or 32.4% of the issued share capital of the company.

Chairman of Glanbia Co-op, Wexford-man John Murphy said: “These proposals are driven by our ambition to pay the best possible price for milk and grain to our farmer members. The proposal to take 100% ownership of the business closest to our farmers’ interests follows an independent strategic review undertaken by KPMG at the request of the Co-op Board. The Board believes that now is the right time to take this step to create a well-invested, independent and future-focused Co-op.

“This proposal is the latest step on our journey which began in 2012 with the creation of the strategic joint venture between Glanbia Co-op and Glanbia plc. If our members approve this proposal, we will have a very strong Co-op, with full ownership of Glanbia Ireland. We will remain the largest investor in Glanbia plc, which is focused on growing as a global nutrition company, benefiting all shareholders.

“We will have greater flexibility to support our farmers and be equipped with a dedicated Investment Fund to help drive higher returns in the future. Our fully independent Co-op will be run on pure Co-op principles with strong financial discipline, an experienced leadership team and Board. The Board have also decided that it is appropriate that all our Members would benefit at this time through the distribution of a proportion of the value created by our investment in Glanbia plc.”

Jim Bergin, Chief Executive of Glanbia Co-op said: “Glanbia Ireland today is a very strong standalone business, with circa €2 billion of annual revenue. We have excellent people and great brands. Significant capital investment of €559 million in recent years means our network of processing facilities are world-class, including our recently commissioned state-of-the-art Innovation Centre.

“We are very ambitious for this great business and are excited by the opportunities presented by this natural evolution to a pure Co-op. It will provide greater flexibility to support Co-op members, pursue new opportunities and allow us to focus on adding value to our milk and grain for the benefit of our farmers.”

Wexford receives Aldi community grants

By Dan Walsh

Seven Wexford-based charities and community organisations have become the latest beneficiaries of Aldi’s Community Grants programme, with each receiving a €500 grant from the Aldi store teams in County Wexford.

€500 grants were presented to Jonah Special School, St. Garvans National School, Pieta House Wexford, Irish Cancer Society, Alive Church, Talk To Tom and South East Animal Rescue.

Aldi’s Community Grants programme helps fund local charities and community organisations that contribute vital work and services in their local communities. Each local charity supported is chosen by Aldi employees, enabling them to help the good, local causes they are passionate about.

The Community Grants programme has supported 850 donations to local charities to date. By the end of the year, the programme will have donated over €450,000 since its inception in 2016.

John Curtin, Group Buying Director, Aldi Ireland said: “We are proud to continue supporting local charities across the country through the Aldi Community Grants programme and we’re pleased to see the impact of our donation in the local communities for County Wexford.”

Operating seven stores in County Wexford, Aldi is deeply involved in the local community and partners with a variety of Irish food and drink producers across Co. Wexford and spent €9 million with its Co. Wexford suppliers in 2020.

Body recovered from the River Barrow

By Dan Walsh

The search for a missing person on the River Barrow in the vicinity of the Rose Fitzgerald Kennedy Bridge, south of New Ross, concluded yesterday (Tuesday) afternoon with the discovery of a male person.

While awaiting formal identification, the body is believed to be that of Martin Donohoe, (29), whose vehicle was found on the roadside close to the bridge, with his mobile phone inside. He was last seen on October 26^th.

Mr Donohoe’s family had gathered at the scene every day since his disappearance and an extensive search was carried out by search and rescue groups, sub-acqua teams, sniffer dogs and drones, Civil Defence and Coast Guard volunteers.

The body was recovered by Mallow Search & Rescue in a joint operation with Waterford Marine Search & Rescue members and transported to New Ross by boat and from there to University Hospital Waterford where a post mortem will take place.

Son of Catherine and the late Jim Donohoe, Martin was a native of Monageer who had been living in Cromwellsfort in Wexford town and worked on a site in Kilsheelan, Co. Tipperary.

The Donohoe family wish to thank all the volunteers who came from many parts of the country during the search for Martin. All efforts are deeply appreciated.

Sincere condolences to his family and friends. RIP.

Slaney Foods funding of almost €2m

By Dan Walsh

Slaney Foods in Clohamon, Bunclody, is to receive €1,988,519 in funding for agri-food projects to help producers identify new markets and expand their offerings following Britain’s exit from the EU.

Wexford Fine Gael Deputy Paul Kehoe told WexfordLocal.com ; “This funding announced by An Tánaiste Leo Varadkar, will allow Slaney Foods to tap into new markets and attract more customers after a very challenging period due to Brexit.

“This is a huge investment in the agri-food industry and represents Fine Gael’s commitment to securing the economic future of rural Ireland.

Deputy Kehoe added; “The agriculture sector is the lifeblood of many communities across Wexford. Nationally, we produce enough food to feed nine times our population and the sector employs almost 165,000 people across the country.

“This investment is about gaining access to new markets in Asia and North America in particular, with a specific focus on moving up the value chain by increasing sales of higher value-add products.”

Twenty-two projects in the dairy and meat sectors across the country are to receive funding from the Government’s €70 million Capital Investment Scheme for the Processing and Marketing of Agricultural Products.

Stolen property recovered in Wexford town

A quantity of stolen property has been recovered in Wexford town and a male, in his ‘thirties, is charged with five burglaries.

Gardaí investigating a spate of burglaries in the Wexford Town area which occurred recently conducted searches in the town and recovered a number of items of stolen property.

A male in his thirties was arrested and detained under the provisions of Section 4 of the Criminal Justice Act, 1984 at Wexford Garda Station.

He was subsequently charged with five burglaries and is scheduled to appear before the District Court.

Drugs and cash seized in Gorey area

By Dan Walsh

**Seized cannabis and cash at Gorey Garda Station**

A large quantity of drugs and cash were seized in Carnew and Tinahely over the weekend.

Officers from the Wexford Divisional Drug Unit searched a man in the Gorey area last Saturday night and seized approximately €2,000 worth of cannabis (subject to analysis) and €2,000 in cash.

Further searches in Wicklow where approximately €6,000 worth of cannabis (subject to analysis) and approximately €7,000 cash were seized.

One male detained under the provisions of Section 4 of the Criminal Justice Act, 1984.

CEO to appear before Standards Commission

By Dan Walsh

Chief Executive Officer, Mr Tom Enright, told members at today’s monthly meeting of Wexford County Council held in the Ferrycarrig Hotel, Wexford, that he welcomes the opportunity to robustly defend an allegation that he breached the Code of Conduct for Local Government Employees.

Mr Enright is to attend an investigation hearing of the Standards in Public Office Commission (SIPO) next Friday.

Mr Enright has been advised that as this process is ongoing it would be inappropriate for him to comment further at this stage.

However, Mr Enright intends issuing a full and detailed statement in respect of this matter once the process has been completed.

Goal for Enniscorthy’s Festy Ebosele

By Dan Walsh

Former Moyne Rangers (Enniscorthy) player and Republic of Ireland Under-21 international, Festy Ebosele, (19), scored his first professional goal in the 44^th minute for Derby County in the 1-1 draw against Millwall last Saturday.

Ebosele made his first team debut for Derby County under manager Wayne Rooney in the 64^th minute of a 3^rd Round FA Cup tie against Chorley last January.

The youngster featured for the Rams at Academy level mainly as a full-back but the vast majority of his 14 appearances at first-team level have come further up the pitch.

“I’m very proud,” Ebosele told RamsTV after the game. “I just want to say all glory to God and thank our captain Tom Lawrence because he could have hit the shot himself, but he played me a beautiful ball and I’m over the moon with the goal.

Derby were backed by over 1,600 supporters at The Den and Ebosele was full of praise for their backing. “I absolutely love our fans. They are always behind us, win or lose and with everything going on, they are always behind us, so I want to say thank you to the fans,” he said.

Barry O’Neill opens up his lead

By Dan Walsh

Today’s point-to-point was at Damma House in neighbouring Kilkenny where champion rider Barry O’Neill recorded a double, bringing his seasonal total onto the 15-winner mark, and five Wexford stables were successful.

O’Neill got off the mark in the Winner of Two race aboard Croi Corcra in the colours of PJ Fortune, Doonooney, Adamstown, and trained by Colin Bowe, by two and a half lengths. O’Neill made it two in the final race of the day – six-year-old and upwards geldings’ maiden – on the Gordon Elliott trained The Creadan Rogue by ten lengths.

Wexford stables were successful in the two divisions of the maiden race for four-year-olds. Rexam won division one for Shirley Berry and Johnny Berry, Tomhaggard, by six lengths with Shane O’Rourke, Foulksmills, in the saddle.

Division two produced a short-head finish. Everyonesgame (Andrew Latta and Jack Hendrick) led in the closing stages but was caught on the line by Sporting Mike, owned and handled by Matthew Flynn O’Connor, Kiltealy, with Wicklow rider Brian Lawless up.

Richard O’Keeffe, Newtown, Taghmon, had his first runner of the season and Transprint, which he owns and handles, got home a length advantage to provide rider Tony Doyle with his first winner.

John Martin Walsh, Rathangan, saddled first Westie Rose, in the colours of Martina Power and ridden by Barry Stone, Cleariestown, having his 10^th career winner, in the five-year-olds and upwards mares maiden race and she won by five lengths.

Three Wexford winners yesterday (Saturday) at the Tattersalls point-to-point run under the auspices of the Louth Foxhounds.

The maiden race for four-year-old geldings attracted many runners and exceeded the safety limit, and consequently, it was run in two ‘divides’ and both produced first time out winners from Wexford stables.

Rob James rode Donnchadh Doyle’s Monbeg Park to a three lengths victory in division one and he goes to the Cheltenham Sales next week, while division two was a closer affair with Luke Murphy getting Present Soldier up by three quarters of a length for owner and handler Denis Murphy, Ballyboy Stables, The Ballagh.

Another newcomer Monbeg Lane, this time the charge of Sean Doyle, proved best in the maiden race for five-year-old geldings by seven lengths in the hands of Jamie Scallan, Tomhaggard.

Busher shortlisted for ‘Book of the Year’

By Dan Walsh

Enniscorthy author Caroline Busher’s latest book The Legend of Valentine Sorrow has been shortlisted for the Teen and Young Adult ‘Book of the Year’ at the forthcoming An Post Irish Book Awards which is open to public vote. Caroline is so grateful to everyone who has voted for her so far. Voting is open until November 15^th.

Meanwhile, the book is on the shelves and today Caroline was meeting her readers and signing copies of her latest work at Eason’s bookshops in Wexford and Enniscorthy.

She was delighted at the opportunity and received much positive feedback while promoting The Legend of Valentine Sorrow described by one of Ireland’s greatest contemporary writers, Roddy Doyle (who has strong Wexford connections) as; “Gripping, vivid and very, very entertaining.”

**Author CAROLINE BUSHER signing her book ‘The Legend of Valentine Sorrow’ at Eason’s Bookshop (Byrne’s), Court St, Enniscorthy, today.**

Caroline worked as Reader-in-Residence with Wexford Public Library Services for a few years. She is a writer in residence in a primary school setting and is a heritage expert with The Heritage Council of Ireland. Caroline has been accepted as an author on to the Poetry Ireland Writers in Schools Scheme and reviews books on Ireland AM.

The official launch of The Legend of Valentine Sorrow takes place in the Presentation Centre, Enniscorthy, with South East Radio’s Alan Maguire on Friday from 6-9pm. Attendance is open to all, but please register for free tickets with the Presentation Centre beforehand.

Also Caroline Busher will be talking about her latest book with Dan Walsh on Mid Week Voices (8pm, South East Radio, 95.6 and 96.4 FM) on Wednesday.

AUDIO ADDITION; Author Caroline Busher talks about her new book ‘The Legend of Valentine Sorrow’

The Legend of Valentine Sorrow by Caroline Busher, historic fiction, paperback, 370 pages, published by Poolbeg Press. ISBN 9781781997635.