Plastics and environmental group One51 has shelved plans to go ahead with an intended flotation on the stock market. In an announcement on Friday evening, the group said that following consultation with “certain shareholders” it had been decided not to proceed with an extraordinary general meeting (EGM) on 21 April. The meeting would have asked shareholders, including farmers and co-ops, to vote to enable the board proceed with an initial public offering (IPO), which includes its plan to transfer up to 20% of the company to Canadian investors.
EGM adjourned “indefinitely”
“The company proposes to adjourn the EGM scheduled to be held on 21 April 2016 indefinitely and without putting any of the resolutions to the meeting, to allow for further consultation with shareholders and consideration of alternative proposals, which include an IPO or a listing at a future date,” the statement read.
ADVERTISEMENT
The Irish Farmers Journal understands that the shareholders in question include financier Dermot Desmond, who is believed to have been opposed to transferring up to 20% of the company to Canadian investors.
With a 25% stake in the business having been recently active buying up shares on the grey market, Desmond is now the largest shareholder in One51. If the deal to transfer 20% of the business to the Canadian investors had gone ahead, Desmond’s stake in One51 would have been liable to fall below 15%.
Register for free to read this story and our free stories.
This content is available to digital subscribers and loyalty code users only. Sign in to your account, use the code or subscribe to get unlimited access.
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
CODE ACCEPTED
You have full access to the site until next Wednesday at 9pm.
CODE NOT VALID
Please try again or contact support.
Plastics and environmental group One51 has shelved plans to go ahead with an intended flotation on the stock market. In an announcement on Friday evening, the group said that following consultation with “certain shareholders” it had been decided not to proceed with an extraordinary general meeting (EGM) on 21 April. The meeting would have asked shareholders, including farmers and co-ops, to vote to enable the board proceed with an initial public offering (IPO), which includes its plan to transfer up to 20% of the company to Canadian investors.
EGM adjourned “indefinitely”
“The company proposes to adjourn the EGM scheduled to be held on 21 April 2016 indefinitely and without putting any of the resolutions to the meeting, to allow for further consultation with shareholders and consideration of alternative proposals, which include an IPO or a listing at a future date,” the statement read.
The Irish Farmers Journal understands that the shareholders in question include financier Dermot Desmond, who is believed to have been opposed to transferring up to 20% of the company to Canadian investors.
With a 25% stake in the business having been recently active buying up shares on the grey market, Desmond is now the largest shareholder in One51. If the deal to transfer 20% of the business to the Canadian investors had gone ahead, Desmond’s stake in One51 would have been liable to fall below 15%.
If you would like to speak to a member of our team, please call us on 01-4199525.
Link sent to your email address
We have sent an email to your address. Please click on the link in this email to reset your password. If you can't find it in your inbox, please check your spam folder. If you can't find the email, please call us on 01-4199525.
ENTER YOUR LOYALTY CODE:
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
SHARING OPTIONS