Lynch’s puzzling strategy pays off for One51

WHEN Philip Lynch scooped up 25% of NTR’s shares — at a cost of €135 million — in late 2004, investors and punters alike were very puzzled.

Some thought him mad, especially when many of the shares were bought from Bank of Ireland Asset Managers, which disposed of most of its 12.5% stake in the diverse group.

As Lynch built his stake, speculation mounted he was about to bid for the group.