One51 eyes €140m deal for recycling business
The deal will be finalised once clearance is received from the Competition Authority.
Details of the group’s latest expansion plan were outlined after the annual general meeting in Dublin yesterday by chief executive Philip Lynch.
He also confirmed the next round of funding to raise €200m was underway.
This looks as if it will be substantially over-subscribed and as a result the offer is likely to be confined to the existing group of shareholders in the business.
They include 400 private investors and the current co-operative shareholders who control about 50% of the company’s equity between them.
Trading of the group’s shares on the grey market is due to start in mid to late September.
The move will allow investors who signed up for the earlier loan note issues to convert them to ordinary shares, ensuring liquidity for those who want to cash in some or all of their holdings.
Through One51 Capital, the group’s investment arm, plans are afoot to create a private equity investment division.
That should be up and running by January or February and should have the capacity to leverage up to €3 billion long-term for investments.
The group’s stake in NTR is held by One51 Capital as are their other minority investments.
Recently the group said it expected to double operating profits to €20m in its second year of operation. Overall results have been better than expected, said Mr Lynch.
