Latest news with #SlimFast
Yahoo
2 days ago
- Business
- Yahoo
SlimFast owner gets into shape with launch of dieting brand sell-off
The owner of SlimFast has kicked off a sale of the weight loss brand after hiring advisers to orchestrate an auction. Sky News understands that Glanbia, the Irish-based company, is working with bankers at Houlihan Lokey on a process to exit its weight management portfolio. Dubbed Project Lego, a sale would come more than 45 years after SlimFast was founded. Money latest: Glanbia has owned the brand since 2018, when it paid $350m for the business. Announcing the decision to sell SlimFast in February, Mark Garvey, Glanbia's chief financial officer, said: "We've decided to move on. "There is a significant change in how weight management is being managed by consumers." Dieting brands such as SlimFast have been hit hard by the rise of weight loss drugs Wegovy and Ozempic in recent years. Read more: Sources said that Glanbia's advisers were marketing the SlimFast business based on a pipeline of new product developments and brand positioning. A sale is expected to be finalised later this year, depending upon the price offered by prospective buyers. Glanbia declined to comment.
Sky News
2 days ago
- Business
- Sky News
SlimFast-owner gets into shape with launch of dieting brand sell-off
The owner of SlimFast has kicked off a sale of the weight loss brand after hiring advisers to orchestrate an auction. Sky News understands that Glanbia, the Irish-based company, is working with bankers at Houlihan Lokey on a process to exit its weight management portfolio. Dubbed Project Lego, a sale would come more than 45 years after SlimFast was founded. Glanbia has owned the brand since 2018, when it paid $350m for the business. Announcing the decision to sell SlimFast in February, Mark Garvey, Glanbia's chief financial officer, said: "We've decided to move on. "There is a significant change in how weight management is being managed by consumers." Dieting brands such as SlimFast have been hit hard by the rise of weight loss drugs Wegovy and Ozempic in recent years. Sources said that Glanbia's advisers were marketing the SlimFast business based on a pipeline of new product developments and brand positioning. A sale is expected to be finalised later this year, depending upon the price offered by prospective buyers.
Yahoo
10-05-2025
- Health
- Yahoo
'WeightWatchers set me up to fail' - Why diet industry is losing to jabs like Ozempic
Symone has been using weight loss injections for nearly a year. She says they have done what the diet industry could never do for her - free her from a life controlled by food. From a very young age, the 34-year-old could not switch off the constant noise in her head. When would her next meal come? What would it be? Would there be enough for her? "The food noise was just so loud, it could be unbearable," she says. "I have tried every single diet going - I've done Atkins, eating clean, SlimFast, Slimming World, meal-replacement shakes - you name it - I've done it and none have them worked for me." Several years ago, weighing 16st (102kg), she was one of the many millions who signed up to WeightWatchers, downloading the app and meticulously following its points plan, scanning in everything she ate and staying within her daily points budget. WeightWatchers attributes points to food and drink, stating that it uses a "groundbreaking algorithm" to assess their nutritional makeup and then uses a point system to inform its members which food is better to eat. But after a few weeks, Symone says she started to feel like she was being set up to fail. "How could I lose weight long term if I had to follow this mad points system? Food is not measured in points - it's measured in calories, fat, macro nutrients. "I felt trapped, and the more research I did, the more I educated myself, the more I thought this is not for me." The only thing that has ever worked in her quest to lose weight, she says, is weight loss injection Mounjaro, which she started using nearly a year ago. "I was at my heaviest, just over 21 stone, and the doctor told me I was pre-diabetic. I knew something had to change - I've got two children who depend on me too." She was advised to start on the weight loss medication but with a two-year wait, she decided to buy it privately online and within just a few days, she was crying with relief. "I couldn't believe that I had control over food. For the first time, I wasn't panicking about when I would next eat." Weight loss jabs work by mimicking a hormone called glucagon-like peptide-1 (GLP-1), which suppresses people's appetites and makes them feel full. Symone has now lost 4st 7lb (26kg) and is losing weight gradually, documenting her experiences on social media. "I don't want a quick fix," she says, "I'm using weight loss injections to give me the control I never had." For many, weight loss jabs can produce rapid results, but some experts are concerned about the meteoric rise in their popularity and how people will be affected by them long term - both physically and mentally. At its peak, WeightWatchers was seen as being synonymous with safe and controlled weight loss. With 4.5million subscribers globally, its workshops were held in most towns, on most high streets, popping up in local church halls - they were everywhere. Now, after dominating the diet industry for more than half a century, it has lost more than a million members and filed for bankruptcy, struggling to compete in a market transformed by social media influencers and weight loss injections. The company has stressed that it is not going out of business and that filing for bankruptcy will help it resolve its debt of $1.25bn (£860m). In a statement, the brand says its weight loss programme (which also includes its own brand of weight loss jabs) and weight loss workshops will continue. The company says it has been the brand with the most scientific backing in the diet industry for over 60 years, and that there have been more than 180 published studies showing the effectiveness of its approach. WeightWatchers says it uses an "holistic model of care" to support "the whole person" with "access to obesity-trained clinicians and registered dietitians". WeightWatchers files for bankruptcy as fat-loss jabs boom Oprah Winfrey to leave board of WeightWatchers What's gone wrong at Weight Watchers? It is also one of several companies GPs can use for weight loss referrals, with the NHS paying for patients to attend weekly meetings in the community. "It's no longer about calorie control and diets," Deanne Jade, clinical director of the National Centre for Eating Disorders, told the BBC. "There's a new movement out there and it's all about wellbeing. "People like to move in tribes – it used to be the WeightWatchers tribe, counting points and calories, now millions follow different ways to lose weight or be healthy through social media influencers, through weight loss drugs, and they're forming new tribes." She is not convinced that medication will be the answer that so many are looking for. "None of these pharmaceutical interventions protect people from regaining the weight when they stop injecting." She believes they are not a quick fix, and that the best way to effectively lose weight and keep it off is to understand the psychological reasons behind overeating. Dr Joanne Silver, lead psychologist at the London-based eating disorder clinic, Orri, agrees. She says the weight loss injections "completely silence what the body is asking for", which is counterintuitive to understanding what the body needs. "People can binge eat because of psychological reasons – they can use food to manage their emotions, to soothe themselves. "Eating disorders are not just about food." Food and nutrition have become just one part of a more holistic approach so many are now adopting when it comes to their overall wellbeing. Jennifer Pybis, a fitness coach based in Liverpool, works with clients both online and in person. She says achieving a healthy lifestyle is not just about hitting a target weight. "I encourage the women I work with to consider lots of ways to measure their progress rather than just jumping on the scales. "Thinking about how they feel, comparing photographs of themselves to see how their bodies have changed shape, how their sleep is, their resting heart rate, their improvements in the gym - all of that is so important." The diet industry might be transforming but there are many who still prefer the more traditional model of sitting together and sharing their experiences, supporting others in their community to lose weight. In a small church hall in Winsford, Cheshire, a group of women are waiting patiently to get on the scales. Muttering and good-natured laughter can be heard as they share their latest weights with each other. "I've put on a pound! I did have a little bit - well maybe a lot - of wine at the weekend." "Why didn't you have gin?" another one asks, "it's only 55 calories a shot!" They're here for their weekly check-in at the BeeWeighed slimming group. Some of the women have lost several pounds, others have a put on a pound or two, but overall, since joining the class, they have all lost weight. They are learning about how to eat in moderation, how to exercise safely and how to feel good about themselves. At first glance, it could be a WeightWatchers class – women meeting up to share their stories of weight loss and support each other – but there are crucial differences, says BeeWeighed owner and founder Lynda Leadbetter. She was a group leader for WeightWatchers for 18 years but left to set up her own group in 2018. "I think WeightWatchers did provide something different and something hopeful for so many women but I think it has lost its way," she says. "I teach nutrition, I educate, I don't sell anything extra. I feel WeightWatchers became about selling extra products, it was always about pushing those extra sales, and not about supporting people to lose weight properly." She's sceptical about the effectiveness of weight loss medications, and some members who have turned to the likes of Ozempic and WeGovy have left her groups, but many have stayed – continuing to attend the meetings for support while using weight loss injections. Kathryn Brady, 38, has been a member of BeeWeighed since 2023, and in that time, she's lost over three stone. But with her wedding in a matter of weeks, the burlesque dancer has started to take Mounjaro to lose weight more rapidly. It's not quite worked out as she had hoped. "I've been on Mounjaro for over a month now, and while I lost 6lb in the first week or so, I've put half of that back on. "Having absolutely no appetite for two weeks was really weird and I'm paying a lot of money to not lose that much weight." She's going to keep on using it, but she's not completely sold yet. "Even if I continue with the skinny jab, I'll still attend BeeWeighed, having others there supporting me keeps me going." Women share their bittersweet experience after taking weight-loss drugs How will weight-loss drugs change our relationship with food? How do weight loss drugs like Mounjaro and Wegovy work?
Scottish Sun
08-05-2025
- Health
- Scottish Sun
We found the secrets to staying skinny AND eating everything we want – the best part? We're having better sex than ever
Fans of this new diet are crediting it with remarkable weight loss results... here Fans of this new diet are crediting it with remarkable weight loss results... here two women give their verdict WEIGH TO GO We found the secrets to staying skinny AND eating everything we want – the best part? We're having better sex than ever Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) MOVE aside, Mounjaro – there's a new weight-loss trend taking over and (spoiler alert) it doesn't involve pricey injections. Not only will it cost you nothing – it actually SAVES you cash as you slim. 5 Karena Sophia, left, and Ami Goff, right, give their verdict on the OMAD diet after trying it out Credit: Lorna Roach The One Meal A Day (OMAD) diet has recently exploded on social media, where the hashtag #OMAD is used once every 72 seconds. It's a type of intermittent fasting which sees dieters limit themselves to – you guessed it – just one meal a day, with no calorie-counting or faddy food restrictions. But there's a downside, with experts warning of risks like nutritional deficiencies and binge-eating. Despite those fears, OMAD obsessives are reporting remarkable weight-loss results, saying it cuts cravings, boosts energy and even turbo-charges sex lives. So is OMAD a dangerous fad, or a weight-loss wonder? Two women who tried it speak out… 'FRIENDS AND FAMILY THINK IT'S CRAZY, BUT I'VE LOST 3ST' 5 Ami, 44, lost 3st after following the One Meal A Day diet Credit: Supplied 5 Ami reveals: 'OMAD is proof that our bodies don't need all the food we stuff in it' Credit: Lorna Roach Retail assistant Ami Goff, 44, lives in Bristol with her partner Anthony, 32, a retail consultant, and their 14-year-old daughter. She says: 'DIGGING into a creamy chicken curry with a side order of onion bhajis, I noticed my friends staring at me enviously. They were picking at their low-calorie, grilled fish dishes and couldn't believe I was demolishing something so indulgent while maintaining my slim, size 8 figure. I've shed 3st – and kept it off – by eating just one meal a day. And I feel more amazing than ever. My weight battles started when I began working as a consultant for a confectionary company in 2016. At the time I weighed 9st 2lbs and was a size 8. But the office was always full of chocolates and sweets and I was constantly snacking, then eating a big meal at night with my partner, Anthony. By 2018, I'd put on 4st 2lbs, tipping the scales at 13st 2lbs – much too heavy for my 5ft 3in frame. Can drinking nothing but fizzy water for two weeks really help me shed my excess weight Now wearing size 14 clothes, I felt self-conscious and uncomfortable. Anthony had also put on 2st working from the office, so we decided to try to lose weight together. Atkins, SlimFast, the cabbage soup diet, Weight Watchers… you name it, we tried it. But nothing seemed to work. Then, in 2021, Anthony suggested OMAD, after reading about it on social media. Initially, I was sceptical, worried I'd feel deprived because I had such a sweet tooth. But in desperation, we decided to give it a go and agreed we'd have our one meal between 5pm-7pm. It wasn't easy and ditching endless snacking was a shock to the system. I was plagued by cravings for chocolate and sweets, my belly rumbled constantly and I felt light-headed. I almost packed it in so many times. It took enormous will-power, but Anthony and I encouraged each other and by the time I hit the three-month mark, the cravings disappeared. I have more energy and focus and our sex life is great. I feel so much more self-confident Ami Goff It helped that we could have whatever dinner we fancied, from burgers or pasta to chicken and veg. It felt like such a reward for getting through the day. Meanwhile, the weight melted away. Within a year, I'd lost a stone and by the start of 2023 I'd shifted 3st and was back to a size eight and 9st 2lbs. Anthony also lost 2st, but even though we'd reached our target weights, we decided to continue with OMAD because we both felt so fantastic. Now, I'm glowing. I have more energy and focus and our sex life is great. I feel so much more self-confident. Our daughter isn't a fan, though. She lectures me that it's unhealthy, because that's what she's learnt in school. She eats at normal meal times and is convinced we're bonkers. My friends and family cannot fathom how I have the willpower to eat only one meal a day, but OMAD has completely cut my cravings for chocolate and processed sugars. I never feel hungry and my body naturally wants healthy proteins, vegetables and fruit at dinner time, although I'd never say no to – or feel guilty about – a creamy curry if I'm out with friends. OMAD is proof that our bodies don't need all the food we stuff in it. For me, it's a lifelong eating change, not just a diet plan.' The NHS 12-step plan to help you lose weight FROM faddy diets to dodgy detoxes - most of us have heard it all before when it comes to weight loss. But burning fat can be easy and mostly free. In fact, the NHS has a whole load of medically-approved tips for weight loss and shedding body fat once and for all... Don't skip breakfast Skipping breakfast will not help you lose weight. You could miss out on essential nutrients and you may end up snacking more throughout the day because you feel hungry. Eat regular meals Eating at regular times during the day helps burn calories at a faster rate. It also reduces the temptation to snack on foods high in fat and sugar. Eat plenty of fruit and veg Fruit and veg are low in calories and fat, and high in fibre – 3 essential ingredients for successful weight loss. They also contain plenty of vitamins and minerals. Get more active Being active is key to losing weight and keeping it off. As well as providing lots of health benefits, exercise can help burn off the excess calories you cannot lose through diet alone. Drink lots of water People sometimes confuse thirst with hunger. You can end up consuming extra calories when a glass of water is really what you need. Eat high fibre foods Foods containing lots of fibre can help keep you feeling full, which is perfect for losing weight. Fibre is only found in food from plants, such as fruit and veg, oats, wholegrain bread, brown rice and pasta, and beans, peas and lentils. Read food labels Knowing how to read food labels can help you choose healthier options. Use the calorie information to work out how a particular food fits into your daily calorie allowance on the weight loss plan. Use a smaller plate Using smaller plates can help you eat smaller portions. By using smaller plates and bowls, you may be able to gradually get used to eating smaller portions without going hungry. It takes about 20 minutes for the stomach to tell the brain it's full, so eat slowly and stop eating before you feel full. Don't ban foods Do not ban any foods from your weight loss plan, especially the ones you like. Banning foods will only make you crave them more. There's no reason you cannot enjoy the occasional treat as long as you stay within your daily calorie allowance. Don't stock junk food To avoid temptation, do not stock junk food – such as chocolate, biscuits, crisps and sweet fizzy drinks – at home. Instead, opt for healthy snacks, such as fruit, unsalted rice cakes, oat cakes, unsalted or unsweetened popcorn, and fruit juice. Cut down on alcohol A standard glass of wine can contain as many calories as a piece of chocolate. Over time, drinking too much can easily contribute to weight gain. Plan your meals Try to plan your breakfast, lunch, dinner and snacks for the week, making sure you stick to your calorie allowance. You may find it helpful to make a weekly shopping list. 'OMAD IS THE NATURAL ALTERNATIVE TO WEIGHT-LOSS JABS' 5 Karena, 44, lost 1st 9lb with OMAD Credit: Supplied 5 She reveals: 'OMAD has changed my life – for the better' Credit: Lorna Roach Feng shui consultant Karena Sophia, 44, who is single, lives in Worcester, Worcs, with her 18-year-old twin girls. She says: 'SCROLLING through social media in June 2022, I saw a post about OMAD and my interest was immediately piqued. I'd always worked out twice a week at the gym, doing weights and cardio to keep my weight down, but after separating from my husband in 2019, I had to focus on building up my new business, The Graceful Healer, and raising my twins, so I couldn't seem to find the time. My weight crept up 2st, to 11st and a size 14. At 5ft 6in, I felt self-conscious and uncomfortable, although I appreciate it's not huge. In a bid to slim down, I tried the Keto diet, which involves cutting carbs and replacing them with fats and proteins. But since I'm pescatarian and only eat fish, it was tricky to follow. The idea of OMAD seemed much more straightforward, so I decided to give it a go. In the first couple of months, I had some minor cravings, but water and coffee or the odd slice of watermelon – which is allowed as an occasional snack due to its high water content – would fix that. Within just two months, I felt amazing and more energised and within a year, my weight was down to 9st 5lbs and I was a size eight. Before OMAD, I'd eat a big lunch, then be hit by a mid-afternoon energy slump, but that's a thing of the past. The thought of returning to three meals a day feels so overwhelming Karena Sophia Now, I eat at 5pm every day with the twins – everything from curries and fish and chips to stir fries and the occasional takeaway, followed by dessert. But my teens still eat three meals a day and love their snacks. The thought of returning to three meals a day feels so overwhelming. Now, I get far more done, without feeling deprived of the foods I love. The 'food noise' – those persistent thoughts about what I could eat next – is gone. A friend who uses the weight loss medication Mounjaro says the jabs have done that for her, so OMAD seems like the natural alternative. OMAD has taught me that when people think they are hungry, they're actually thirsty. If I feel peckish I drink water and it does the trick. Some acquaintances see it as self-imposed starvation, others worry I am too slim or depriving my body of nutrients. But I always try to explain how much energy and freedom it has given me. Now, I am focussing on building my business, but losing weight and eating in a way that suits me makes me feel sexier and more body confident. OMAD has changed my life – for the better.'
Irish Times
02-05-2025
- Business
- Irish Times
What's gone wrong at Glanbia?
It's hard to pinpoint exactly what's gone wrong at Glanbia . There are several partial explanations, but no real smoking gun, nothing that can fully explain why the company's share price is now back at the same level it was 12 years ago (€11) when the group today is larger with more assets. [ ] Or why the Kilkenny-based nutritionals group has shed more than €2 billion in market value in less than 10 months despite holding one of the bestselling protein powder brands on the market in Optimum Nutrition, sponsor of the McLaren Formula One team. Protein powders used to be the preserve of bodybuilders and workout fanatics, now every Tom, Dick and Harry is using them and the company should be prospering as a result. READ MORE Critics say Glanbia is primarily a B2B (business-to-business) ingredients company that has strayed too far from its core competencies. Said another way, it is not good at managing consumer-facing brands. Glanbia's performance nutrition business, which accounts for more than half of earnings, is made up of several add-on brands (Optimum Nutrition, Isopure, BSN, Nutramino, Think Thin, SlimFast, LevlUp, Body&Fit) that it has picked up along the way, most of which have declined in value since entering the Glanbia stable. Even its prize pony, Optimum Nutrition, is said to be operating below potential. One institutional shareholder says the company does not have the distribution channels of a Coca-Cola or a Nestlé to get these products to consumers and that's why they have failed to fire. That distribution channel issue may also explain why it has been slow to move beyond basic powders and into the fast-growing protein drinks market. Another line of criticism suggests the company has simply presided over a string of bad buys, which have failed to add value to the group. The market values these acquisitions at a fraction of the price the company paid for them. These deals culminated in the acquisition of weight-loss brand SlimFast in 2018 for $350 million (€309 million). The company reported a non-cash impairment charge of $91 million last year relating to declining sales at its SlimFast unit. The SlimFast fad of the 1980s and 1990s has waned , not least because of concerns about replacing wholefoods with highly processed synthetic shakes – a no-no for nutritionists. Consumers are also opting for more active weight-loss programmes rather than passive meal-replacement regimes, calling into question Glanbia's purchase of the brand in the first place. SlimFast is now the subject of a fire-sale auction and is likely to sell for a fraction of the $350 million Glanbia paid for the business. The company clearly doesn't think it has a bad M&A (mergers and acquisitions) report card as it elevated the man responsible for most of these deals, Hugh McGuire (formerly the head of the company's performance nutrition division), to the top job last year. He succeeded Siobhán Talbot in the top role. The third and perhaps most trenchant line of criticism, and the one that a growing number of institutional investors have latched on to, is that the company has become an unwieldy 'Frankenstein'. Glanbia's complex corporate structure, which oversees three disparate businesses in the sports nutrition, ingredients and dairy categories, has become too difficult to manage, they say. The company's communications team spends a lot of time explaining the various parts and where they sit. 'The sprawling corporate structure with a lot of moving parts, three very good, excellent but very different businesses make Glanbia very hard to value, complicated to understand and possibly and arguably difficult to manage,' the head of Clearway Capital, Gianluca Ferrari, told the company's AGM in the Kilashee Hotel in Co Kildare this week. Clearway Capital holds about 1 per cent of Glanbia shares. 'There's an obvious solution to this: separate the businesses,' Ferrari said. Glanbia has long maintained that a strategy of diversification would help insulate the business, but investors now highlight this as a key weakness. Ferrari said 'the argument that diversification would shield the business from volatility has proved to be blatantly false'. 'The structure itself is causing the volatility [in the share price],' he said. The assertion comes after the company's recent profit warning, linked to higher-than-expected whey prices, which are expected to knock $75 million off annual earnings (roughly 13 per cent), triggered an immediate 25 per cent downturn in the share price. Ferrari's point is that Glanbia's messy conglomerate structure is amplifying these shocks rather than limiting them. Of course, the ugliest metric and the one raised by several disgruntled shareholders at the AGM relates to the generous pay and bonuses doled out to those who have presided over this underperformance. Glanbia has paid €81 million in total director remuneration over the past decade. This has coincided with what Roland French of Penman Securities, another institutional investor, said was a total shareholder return, including dividends, of 'minus' 36 per cent. 'If you benchmark this globally whether that's Euro Stoxx or S&P, that's in the bottom decile in a 10-year performance context,' he said. 'A 10-year performance window should be more than sufficient for any board of directors to conclude something is not functioning.' Glanbia gave Talbot a parting salary plus bonus of €8 million in 2023. The group's chief financial officer Mark Garvey, still in situ, took home €3.6 million that year. Talbot, the person at the helm for most of the past 10 years, got out before the current storm, leaving her successor, McGuire, firmly in the crosshairs of angry shareholders. McGuire insists the company is on the back foot because of an unprecedented surge in whey prices, which he described as a 'perfect storm of demand and supply', but one which is also 'cyclical'. 'Whey costs rose last year and continued to rise in January and February of this year to reach record levels,' the company said in response to a query. 'We have never seen this level of dairy inflation before. We have done a lot of work around mitigating the impact of this inflation and, as we said this morning, we have seen whey protein isolate come off its peak pricing.' At the AGM, Kilkenny dairy farmer Michael O'Carroll hit back at the company's suggestion that it was caught out by the high cost of whey, saying that if Ryanair chief Michael O'Leary said the company's share price had been halved 'because he hadn't hedged his fuel price, he'd be sacked in the morning'. The company also defends its M&A record, suggesting the 'return on capital' is a closely watched metric. 'Glanbia's average return on capital employed metric (ROCE) for the last three years is well within our medium-term target range 10-13 per cent,' it said. 'We have taken the decision to sell two brands {SlimFast and Body&Fit] in line with our commitment to continuous evaluating our portfolio. 'The rationale for both divestments is clear and is linked to changing consumer behaviour around weight loss in the case of SlimFast and the changing economics of owning a direct-to-consumer ecommerce platform in the case of Body&Fit.' It also noted that Optimum Nutrition and Isopure have performed 'very well'. The big beast among shareholders and the one that has sat silently while Glanbia's share price has plunged over the last year is Tirlán , the farmer-led co-op that operates the group's legacy dairy business here, which was spun-out in a series of transactions over the past decade. Tirlán owns 29 per cent of Glanbia. One investor called it a one-stock hedge fund. Ferrari wrote to Tirlán earlier this year in an attempt to enlist its support for a strategic review of the Glanbia business . He wrote that a 'fundamental strategic review focused on separating Glanbia's distinct business units is not only overdue but essential'. 'With the upcoming Glanbia and Tirlán AGMs in April and May 2025 respectively, there is a critical window of opportunity to signal to all stakeholders that Glanbia's largest shareholder is committed to restoring value and strategic clarity,' his letter said. Tirlán's AGM's next week might prove fierier than Glanbia's for two reasons. The co-op is spinning out Glanbia shares to members. The plan was announced when Glanbia shares were trading at close to €16, meaning the average member payout would have been €24,600. Now they will be receiving significantly less, 30 per cent less. On top of that, Tirlán has issued a convertible bond that matures in January 2027. Owners of the bond can convert their holding – on maturity – into Glanbia shares at a guaranteed conversion price. If the Glanbia share price is lower than €16.43, then Tirlán will be forced to make up the difference in cash. The guaranteed conversion price looked like an decent bet a few years ago, but with Glanbia shares down at €11 that's not the case any more. Ironically, the poor performance of Glanbia shares means Tirlán may be forced to further dilute its shareholding in Glanbia to fund the payout of its bond. That said, Tirlán, as Glanbia's largest shareholder, has the power to force change upon the board. Whether it will join other institutional shareholders in calling for the company to be split up remains to be seen, but the status quo is getting harder and harder to justify.
