NTR move not hostile
“We didn’t enter the share register as a hostile player and never would. Tom Roche (NTR’s chairman and major shareholder) knew exactly what we were doing,” he said.
Mr Lynch said his decision to take a 26% equity stake in NTR was driven by “value” in the shares.
NTR shares are now trading at €25, well above the average €20 per share paid by IAWS, he said.
The buying spree lasted from October 2004 to January 2005 and Mr Lynch’s activity convinced analysts he was attempting to make a play for the group.
During the period Mr Roche, whose family owns over 40% of NTR, spent €1.3m buying up stock in a move that was seen at the time as a blocking measure against Mr Lynch.
Between the Roche family and senior executives they now control 47% of the company.
But Mr Lynch dismissed suggestions that he had a strategic plan for the business that he cannot now deliver on. Any such speculation was wide of the mark, he said after last Friday’s annual general meeting of NTR.
“I’m very proud and delighted with the presentation here today and really pleased with our investment in NTR” he said.
During the AGM, NTR chief executive Jim Barry gave a positive presentation of what was in store for the group going forward.
Mr Lynch was impressed.
“I wish to God all the shareholders were here to see it as well“.
IAWS does not require a strategic holding in NTR as such, he said.
But in relation to speculation that the co-op was considering buying Greenstar, NTR’s waste management subsidiary, Mr Lynch said: “It was never an issue.”
IAWS Co-op will take a dividend of close to €1.5m from NTR soon and can look forward to greater paybacks in the future.
The dividend will be close to €2.5 million in the year to come, he said.
Mr Lynch and IAWS Co-op have also been linked with the purchase of Oxigen, a well-established waste management group operating here since 1988.
However, he declined to comment when asked about any planned move on the company.
