Veris shares rise by 33% as unnamed third party carries out due diligence

SHARES in Veris — the Dublin-headquartered commercial property and facilities management group — rose by 33% yesterday.

The move came after the company granted permission to an unnamed interested party to carry out due diligence on the business, in advance of a possible takeover offer being made for the group.

Earlier this month, Veris — whose main Irish assets are the Irish Estates property management company and the Vector facilities management brand — said that it would be providing an update on its strategic review and future ownership at its annual general meeting in August.

However, it responded yesterday — via a stock exchange statement — to ongoing press speculation about further disposals by confirming that it “has granted access to an unconnected third party to carry out due diligence with a view to making a formal offer to purchase the facilities management/property management division.”

It added that there was no certainty that a formal offer would be forthcoming and it said that a further announcement would be made “when appropriate”.

Back in April, Veris sold off its logistics and storage/removals division — which included brands such as Nat Ross, Beverly Smyth and Oman Transport. In the last couple of weeks, it was announced that current chief executive Bernard Farrell would be leaving the company, at the end of July, to pursue other investment opportunities.

Although it is not known who the current third party with a potential interest in acquiring the group is, it was also recently announced that independent investor, Gary Duffy has acquired an 8.98% stake in the group.

Veris’ share price rose by over 33% yesterday, on the back of the news of a possible takeover, or by 6c to close at 24c.