Sale of Readymix to Cemex approved

Concrete manufacturer and supplier Readymix plc is to become a wholly-owned indirect subsidiary of Cemex Espana SC, a company within the Spanish-established Cemex Group, under a scheme of arrangement approved by the Commercial Court.

Mr Justice Peter Kelly approved the scheme after rejecting objections to it from two of Readymix’s smaller shareholders, Tom Goode and Seamus Maye. He also confirmed a reduction of the company’s share capital.

Rejection of the scheme was not justified on the evidence, would be unfair to almost 97% of shareholders who voted in favour of the scheme and no evidence of wrongdoing had been established, he said.