One51 to seek shareholder approval for dual listing in Dublin and London

One51 will seek support for a dual IPO, in Dublin and London, from its shareholders next month.

The plastics and environmental services group’s shares have traded on the ‘grey market’ in Dublin since 2007.

On the back of a strong set of annual results, yesterday, management said it would seek approval from shareholders — which include a number of co-ops and financier Dermot Desmond’s investment vehicle — for the power to go for a mainstream listing when market conditions permit.

While timing will rely on market conditions, the secondary exchanges in Dublin and London — the ESM and the AIM, respectively — will be the favoured markets. An EGM on the matter will immediately follow One51’s AGM on April 21.

“Moving to our next phase of growth requires that we enhance liquidity in the company’s shares and maintain an appropriate capital structure while having access to alternative forms of capital,” said chief executive Alan Walsh.

“In recent months progress has been made to facilitate a listing and to raise additional equity capital.

"Subject to shareholder approval, any decision to proceed with a listing and capital raising, by way of any share placing, will be made based on market conditions and the company’s interests and performance at that time,” he added.

Yesterday’s figures showed that One51 generated revenues of €366 million last year, up 32.4% on the previous year; with EBITDA earnings ahead by over 67% at €36.1m and adjusted earnings per share up by 30.5% at 6.98c.

The dominant plastics division — helped by last year’s purchase of Canadian firm IPL — grew revenues by 89% to €231.8m.