Glanbia Co-operative Society has transferred around €92m worth of Glanbia plc shares to over 14,700 members.
The dairy co-op is the biggest shareholder in the plc, having bought its Irish dairy and agri-business division in 2010.
Following the completion of the spin-out, Glanbia Co-op will remain the largest individual shareholder in Glanbia plc, with 31.5% of the issued share capital.
This shareholding was valued at approximately €1.5bn based on the plc closing share price of €15.71 on 31 August 2017.
The transaction is aimed at releasing a portion of the value of Glanbia Co-op and making it available to members at a time of significant investment on their farms, said the society in a statement.
Glanbia Co-op also owns 60% of Glanbia Ireland, a joint venture with Glanbia plc, which owns 40%. Glanbia Ireland is a large-scale enterprise comprising Glanbia Ingredients Ireland, Glanbia Consumer Products and Glanbia Agribusiness.
The spin-out and the formation of the Glanbia Ireland joint venture were among a number of measures overwhelmingly approved by the eligible members of Glanbia Co-op at a special general meeting on 18 May 2017.
A detailed information pack, including details of their individual plc share allocations, will be issued to Co-op members in mid-September.
On receipt of their Glanbia plc share certificates, shareholders can choose to sell or retain the shares as they see fit.
Since 2013, Glanbia Co-op says it has distributed in excess of €680m of value to members through a combination of Glanbia plc share spin-outs, patronage support and share interest (dividends).
Chairman Henry Corbally said: “The completion of the spin-out process represents the substantial completion of a wide ranging set of proposals.
“In addition to the share spin-out, members approved the creation of Glanbia Ireland through the acquisition of 60% of Dairy Ireland (Agribusiness and Consumer Products).
“The creation of Glanbia Ireland enables the integration of three strong, well-invested Irish based businesses to create value for all stakeholders. Specifically, it will help to maximise the opportunities created by a forecasted 30% growth in milk supply by Glanbia’s Irish milk suppliers to 2020.”