One51 dissidents may turn to ODCE

DISSIDENT shareholders in the investment company One51 could ask the Office of the Director of Corporate Enforcement (ODCE) to investigate the company.

Last night a spokesman for the shareholder group said if today’s AGM in Dublin fails to allay their fears they will call for an EGM in order to get the answers they want. If that fails, the option of referring their concerns to the ODCE “will be considered”, the spokesman said.

That is the depth of bad feeling One51 boss Philip Lynch will face at the AGM. Shareholders, led by a former divisional director Gerry Killen, have tabled a list of 25 questions relating to company strategy, undisclosed salary payments of executive directors and the highly contentious payment of €4.96 million for a commercial patent.