Donegal Investment Group is in line for a €45m payout from the sale of its 30% shareholding in Monaghan Mushrooms.
Donegal announced this week it had reached a settlement over the value of its shareholding in Monaghan Mushrooms, following a four-year legal battle with Danbywiske – the controlling shareholder in Monaghan Mushrooms.
Donegal took a shareholder oppression claim against Danbywiske to the Commercial Court, after alleging it was being excluded from the business affairs of the company. Danbywiske is the holding company of Ronald Wilson, the original founder of Monaghan Mushrooms.
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The €45m settlement is a major boost for Donegal and its shareholders.
The settlement brings to an end a long-running legal battle that has cost the company significant sums in legal fees and charges.
Valuation
The €45m valuation of Donegal’s shareholding in Monaghan is also significantly higher than the original valuation given by the Commercial Court in 2015, which valued the 30% stake at just over €26m.
Under the terms of the settlement, Donegal will receive an initial payment of €41m, followed by two additional payments of €2m each. A final “variable amount” of between €400,000 and €500,000 will also be paid to Donegal as part of the settlement.
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Donegal Investment Group is in line for a €45m payout from the sale of its 30% shareholding in Monaghan Mushrooms.
Donegal announced this week it had reached a settlement over the value of its shareholding in Monaghan Mushrooms, following a four-year legal battle with Danbywiske – the controlling shareholder in Monaghan Mushrooms.
Donegal took a shareholder oppression claim against Danbywiske to the Commercial Court, after alleging it was being excluded from the business affairs of the company. Danbywiske is the holding company of Ronald Wilson, the original founder of Monaghan Mushrooms.
The €45m settlement is a major boost for Donegal and its shareholders.
The settlement brings to an end a long-running legal battle that has cost the company significant sums in legal fees and charges.
Valuation
The €45m valuation of Donegal’s shareholding in Monaghan is also significantly higher than the original valuation given by the Commercial Court in 2015, which valued the 30% stake at just over €26m.
Under the terms of the settlement, Donegal will receive an initial payment of €41m, followed by two additional payments of €2m each. A final “variable amount” of between €400,000 and €500,000 will also be paid to Donegal as part of the settlement.
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