Glanbia - 11 February 2021
The Board called this EGM to approve resolutions regarding the migration of uncertificated shares from CREST to Euroclear System to ensure continued electronic settlement of shares traded on Euronext Dublin and the London Stock Exchange. In the result of Brexit, all Irish issuers who currently use CREST, one of the world’s largest and most technically advanced settlement systems, will need to move to a new settlement system which is authorised by an EU Member State.
ECGS recommends the approval of the proposed proposals since Euroclear is the only available alternative for CREST. The absence of an electronic settlement would cease the Company’s tradings on Euronext Dublin and the London Stock Exchange. Finally, if the proposals are not approved, the Company should re-issue paper shares. All these consequences would materially affect the interest of investors and the Company’s value.
Glanbia is a performance nutrition and ingredients group, engaged in providing performance nutrition, cheese, dairy ingredients, specialty non-dairy ingredients and vitamin and mineral premixes. Co. segments include: Global Performance Nutrition, which is involved in the branded performance nutrition business; Global Ingredients, which manufactures cheddar cheese, provides dairy and non-dairy nutritional ingredients and micro-nutrient premixes; Dairy Ireland, which is engaged in the manufacture and sale of a range of consumer products and farm inputs; and Joint Ventures & Associates, which is engaged in the manufacture and sale of cheese, dairy ingredients and dairy consumer products.
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