![]() value at both Glanbia and Kerry outlined the extraordinary wealth that had been built up by shareholders in the Kerry and Glanbia Cooperatives by virtue of their shareholdings in their related Plc's. At that time Kerry Coop shares had an underlying value of 550 each while a Glanbia Coop share was worth an estimated but nevertheless Glanbia Coop owned over 30 per cent of the Plc worth an estimated 1.4 billion, while Kerry Coop still held a 13.7 per cent stake in the Plc, worth over 2 billion. both coops retain the same Plc shareholding as they did in December 2018 the disparity in the valuations has widened underlying value of a Glanbia Coop share is just under 30. That's a reduction of more than 26 on the value one year ago. Contrast that with the current value of a Kerry Coop share. In November 2018 the underlying value based on the Kerry Plc share price at the time was 550. In November 2019 that value had increased to 680, a rise of 130 in the twelve months. It is not only the changed valuations in the twelve months that makes interesting reading. The price volatility of Glanbia Plc shares in the interim is also notable. At one stage earlier this year Glanbia Plc shares were trading over 19, driven up by short selling speculators gambling that Glanbia Plc. end of 2018 fi nancial returns would depress the share price allowing them to make a killing. In the event, Glanbia's profi ts and revenues for 2018 were impressive and the short sellers were stung, forcing them to buy replacement shares at a higher cost than anticipated, driving up the share price. That price spike was short lived, with a mid-year trading outlook and profi t warning from the company indicating di culties around |