Readymix to vote on €27m takeover

Readymix shareholders will vote on the proposed €27.4m takeover of the company on Apr 5.

Late last month the company’s independent committee — comprising chairman Adrian Auer and Donal O’Connor — announced that they had reached agreement on the terms of the approach, first made in January, from Readymix Investments; the wholly-owned indirect subsidiary of Cemex Espana.

At the time of that agreement, Mr Auer said that the offer equating to 25c per share “creates an opportunity for shareholders to receive value for their investment in Readymix, having regard to the present financial condition of the company, the prevailing economic circumstances and the highly uncertain outlook for the housing and construction sectors”.

The troubled Dublin-based cement product and building materials provider had been in talks with an unnamed interested party, early last year, but nothing materialised.

As the Cemex group already owns around 60% of Readymix, only around 40% of its shareholder base will be able to vote next month.

In terms of attendees at the meeting, which will be held in the Celtic Suite in Croke Park at 10am on Apr 5, 50% must vote in favour of the motion for it to be approved, with 75% worth of the shareholders, in value terms, needing to accept.

Readymix recently reported operating losses of €13m for 2011, which was down from a loss of €15m in 2010.

However, while this figure was helped by a reduction in the company’s operating costs last year, its total losses last year amounted to €54m due to an impairment charge of €39m, €27m of which was incurred during the second half of the year.

The company’s net debt position currently stands at around €16m.


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