IAWS subsidiary to float on Stock Exchange

IAWS Group plc has today announced its intention to seek admission for its subsidiary Origin Enterprises on the IEX market of the Irish Stock Exchange and the AIM market of the London Stock Exchange.

Origin intends to raise approximately €100m by way of primary issue.

It is expected that Origin shares will commence trading onto the IEX and AIM in June 2007. Origin will remain a subsidiary of IAWS for the foreseeable future.

In October 2006, IAWS announced its intention to establish Origin thereby creating a specialist focus around the original agri/nutrition and food businesses of IAWS.

Origin’s food activities encompass Shamrock Foods and a 50% interest in Odlum Group.

“Origin comprises businesses with scale, leading market positions and strong brands,” said IAWS chief executive Owen Killian.

“In addition it has the benefit of a number of significant property assets. A listing by Origin supports both the future development of the businesses and the company’s profile. We have a focussed, experienced and incentivised management team which will ensure that Origin is well placed to enhance future value for its shareholders.”

Turnover attributable to the Origin businesses for the year ending 31 July 2006 was €817m. EBITDA generated by the businesses during the same period amounted to €42m and Origin’s share of the profit after tax from its associates was €4.4m.

The board of directors of Origin will comprise two executive and three non-executive directors. The executive directors are Tom O’Mahony, CEO of Origin and formerly COO of IAWS and Brendan Fitzgerald, CFO.

Origin’s non-executive directors comprise, as non-executive Chairman, Owen Killian (IAWS CEO) and Patrick McEniff (IAWS CFO).

In addition, Hugh Cooney has agreed to become an independent non-executive director upon the admission of Origin.

Mr. Cooney is head of corporate finance in BDO Simpson Xavier. He also serves as non-executive chairman of Siteserv plc and is a former chairman of Conduit Ltd.

Davy is acting as AIM nominated advisor, IEX advisor and broker to Origin.

“The expertise of our management team combined with an injection of equity funding and admission to IEX/AIM will facilitate a renewed commitment to growth,” said Origin chief executive Tom O’Mahony.

“Origin is now well positioned to pursue development strategies appropriate to the needs of each business.”