One51 shares rise 20% on debut

ONE51, one of the contenders to buy car ferries group ICG, has achieved a 20% gain in its share price on its debut on the grey market in Dublin.

Shares, trading at €6 each, were up 20% from the €5 level placed with investors.

Headed by businessman Philip Lynch, One51 has significant minority stakes in both NTR and ICG, which owns Irish Ferries.

Bidding for ICG lapsed yesterday.

However, it is understood that One51, which holds more than 25% of the shipping company’s shares in conjunction with Doyle Shipping of Cork, intends to hold onto its investment.

Property developer Liam Carroll holds more than 26% of ICG’s equity and continues to buy shares, without indicating his long-term intentions.

Mr Carroll has also built a substantial minority stake in Greencore.

In each case the property development potential in each group has been Mr Carroll’s focus of interest.

Mr Carroll looks to be a long-term holder of the shares and with assets worth at least €1.5 billion he can afford to sit tight and await developments, according to a one source.

One51 emerged out of the IAWS Co-op and has been involved in a consortium looking to buy ICG.

However, under takeover rules all bids for the firms lapsed yesterday and neither One 51 other bidder, Aella, representing the top management in ICG, can make an offer for another 12 months.