Key shareholders block dilution of ICG stake

IRISH Continental Group’s second largest shareholders, the Cork-based Doyle Group and Philip Lynch’s One51, have blocked a motion at the company’s annual general meeting that could have seen their stake diluted.

The Doyle Group and One51 failed in their bid to buy the ferry operator last year and used their stake to block a motion that would allow the company to issue new shares without offering existing shareholders first option to purchase them. This could see the stakes of existing investors diluted.

The Doyle and One51 grouping owns around 26% of Irish Continental’s shares, making them the second largest investors, after property developer Liam Carroll, who owns 29%.