One51 adjourns shareholder meeting

Plastics and recycling company One51 has decided not to go ahead with its planned shareholder meeting next week at which it was expected a possible flotation would be discussed.

The company said it had taken the decision not to proceed with the planned extraordinary general meeting (EGM) after consulting “with certain shareholders”.

The company announced at the end of March that it was considering a potential stock market listing on both the Dublin and London stock exchanges.

The EGM which was due to be held next Thursday was set to seek shareholder approval for a range of resolutions which would enable the board to proceed with an initial public offering (IPO).

One51 yesterday said that this meeting would no longer take place, saying it had been adjourned “indefinitely”.

“Following consultation with certain shareholders, the company announces that it has determined not to proceed with the business of the EGM at this time,” said One 51.

“The Company proposes to adjourn the EGM scheduled to be held on 21 April 2016 indefinitely and without putting any of the resolutions to the meeting, to allow for further consultation with shareholders and consideration of alternative proposals, which include an IPO or a Listing at a future date.”

The development could come as a blow to Irish farmers, who were in line for a potentially significant cash boost had One51 gone ahead with the proposed stock market flotation.

Investors, including a number of Irish co-ops including Glanbia, Dairygold, Kerry, and Lakeland, own a collective 30% stake in the environmental company.

The combined stake is valued in the region of €78m.

Kerry’s stake is worth over €12m, with Dairygold’s valued in the region of €8m — slightly more than the value of Lakelands’ holding.

Most of the co-ops shareholdings came their way after the company was spun out of Irish Agricultural Wholesale Society.

A number of high-profile investors have invested in the business over the past number of years, including financier Dermot Desmond.

Mr Desmond reportedly increased his share in the company last month to approximately 25%.

Mr Desmond had previously increased his stake in One51 in August 2015 by buying out fellow shareholder Pageant Holdings at €1.85 a share.

At the time, private equity group Capvest had been interested in acquiring the firm at a price of €1.80 per share which valued the company at close to €300m.

Mr Desmond’s investment last August saw him become One51’s largest shareholder.


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