Tirlán Co-operative Society has paid €7.7m in share interest to its shareholders.

The payment works out as a dividend of 23.06 cents per share held by members. Tirlán said that the average milk supplier shareholder will receive a payment of €800.

The dividend is being paid on the number of co-op shares held by members before the number was reduced as part of the Glanbia share spinout.

The co-op also said that it has completed that spinout of 15m Glanbia shares to members.

Those members who had a stamp duty liability from the spinout will have had that tax deducted from their total dividend payment.

A Tirlán spokesperson said it there was no opportunity to deduct the stamp duty at the time of the spinout as that was a non-cash transaction.

Share payment

Tirlán has also announced that a further 3.9c per share payment is being made in the coming days. That payment arises from the co-op’s member distribution reserve which is in place to help support milk and grain prices.

Under agreement reached at a SGM in 2021, an additional 10% of support payments made from the reserves would be paid in the form of dividends to all co-op members. This 3.9c per share payment is also based on the number of co-op share held before the Glanbia share spinout.