Golden Vale has raised almost £2 million in cash after selling off its entire 8.6 per cent stake in the newly-floated Donegal Creameries. It is understood that the 860,169 shares involved in the sale were placed with a number of institutional investors this week.

Following the sale of the shares, the two biggest shareholders in Donegal are Avonmore Waterford, which owns around 3 per cent and TBF Thompson of Northern Ireland which is thought to have just under 3 per cent.