ISEQ boosted by DCC success

The ISEQ rose 14.1 points to stand at 8756.42 reflecting the overall positive atmosphere on the markets due to the news that business support services company DCC have acquired a 90% share in a UK recycling plant.

DCC acquired the shareholding in Realpower Limited, the holding company of Wastecycle Limited.

Wastecycle is a Nottingham based, recycling and non-hazardous waste management business, led by its shareholders, chairman, Mike Shearstone and managing director, Paul Needham.

Michael Tracey, managing director and 50% shareholder of the William Tracey group of companies, of which DCC acquired 50% in May 2006, has acquired the remaining 10% of Wastecycle and will join the company’s board.

The initial cash consideration payable by DCC is €8.7m, including net debt acquired. Meanwhile DCC shares on the ISEQ jumped by €1.35 to €23.35.

Elsewhere Allied Irish Bank was up 5c at €21.80, while Irish Life and Permanent gained 3c to €19.10.

Bank of Ireland was down 4c at €16 while Anglo Irish Bank climbed 7c to 14.24.