Shareholders have voted in favour of a proposal that will enable the company to proceed with an IPO and stock market listing in 2018, should the market and other conditions permit.

Shareholders also voted in favour of restructuring the capital structure of One51’s majority – owned Canadian plastics subsidiary, IPL.

Under the reorganisation, the Canadian investors (CDPQ and FSTQ) would exchange their equity investments in IPL for shares in One51.

The company will also change its name from One51 plc to IPL Plastics plc.

Irish co-ops, including Glanbia, Kerry Group, Lakeland and Dairygold, collectively own some 43m shares, or 27%, in One51.

A takeover offer made by CapVest of €2.50 per share fell through last month.

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Trading in line with plans at One51 ahead of EGM

CapVest offer of €2.50 per share “undervalues” One51 – Davy