Davy, Goodbody chosen to deal in Reox shares
Dairygold boss Jerry Henchy said the shares are currently worth €2 per share based on the net worth of Reox of €190 million after deduction of debt. Reox is the non-core subsidiary of Dairygold Co-op and included its 4Homes consumer division and its property operations trading under Alchemy Properties, and currently planning three town centre developments worth an estimated €150m to the group.
Commenting after the publication of results for the group for 2005, Mr Henchy said the main concern was that enough shares will be traded to make a meaningful market, so that farmers can realise value if they wish to at any time in the future. He expressed satisfaction with last year’s results, but said the real test for the group starts now following the serious cost cutting and the transformation of the co-op into two separate entities.
