Plastics and environmental group One51 has shelved plans to go ahead with an intended flotation on the stock market. In an announcement on Friday evening, the group said that following consultation with “certain shareholders” it had been decided not to proceed with an extraordinary general meeting (EGM) on 21 April. The meeting would have asked shareholders, including farmers and co-ops, to vote to enable the board proceed with an initial public offering (IPO), which includes its plan to transfer up to 20% of the company to Canadian investors.EGM adjourned “indefinitely”
Plastics and environmental group One51 has shelved plans to go ahead with an intended flotation on the stock market. In an announcement on Friday evening, the group said that following consultation with “certain shareholders” it had been decided not to proceed with an extraordinary general meeting (EGM) on 21 April. The meeting would have asked shareholders, including farmers and co-ops, to vote to enable the board proceed with an initial public offering (IPO), which includes its plan to transfer up to 20% of the company to Canadian investors.
EGM adjourned “indefinitely”
“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 statement read.
The Irish Farmers Journal understands that the shareholders in question include financier Dermot Desmond, who is believed to have been opposed to transferring up to 20% of the company to Canadian investors.
With a 25% stake in the business having been recently active buying up shares on the grey market, Desmond is now the largest shareholder in One51. If the deal to transfer 20% of the business to the Canadian investors had gone ahead, Desmond’s stake in One51 would have been liable to fall below 15%.
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