One51 hints at major NTR resolution in shares feud

One51 — one of three warring shareholding blocs in the shrinking NTR conglomerate that covers wind farms, water treatment and roads investments – last night hinted at a significant looming event in the long-running battle over the future of NTR.

In a statement, One51, whose shareholders include about 50 co-ops around the country as well as other significant investors, told its stakeholders to expect a significant announcement “very soon”.

That may hint at a definitive resolution over the future of NTR.

Three groups have been at war for years about the future of NTR – a feud that includes the valuation of the company and the amount of cash they could tap from major disposals or eventual dismemberment of the group.

The shareholding blocs include a vehicle controlled by chairman Tom Roche and his family; One51; and Pageant Holdings – controlled by the Furlong family.

NTR said in June that it held cash of €38.2m, an amount however that did not include other significant receipts from its disposals of wind-farms in the US and the sale of its US Greenstar Recycling interests.

NTR had said it was “in a favourable position to provide further liquidity for shareholders and augment the almost €100m returned to shareholders at the end of 2013.”

In a veiled statement last night, One51 said: “One51 has had active discussions with NTR and the other major shareholders of NTR over the past number of months. We cannot be more specific because no announcement is certain and we are bound by confidentiality undertakings... This statement has been issued with the agreement of NTR.”