Friday 28 July 2017

Aer Lingus says it won't convene EGM

AIRLINES

AER Lingus has told Ryanair that it won't convene an extraordinary general meeting (EGM) so its larger rival can put two resolutions to shareholders. The decision might prompt Ryanair to either attempt to convene the EGM on its own as a significant minority shareholder, or to pursue the matter in the courts. Aer Lingus company secretary Donal Moriarty wrote to his counterpart in Ryanair yesterday, Juliusz Komorek, informing him of the final decision on the requisition. Meanwhile, Aer Lingus CEO Christoph Mueller has been appointed to the board of Tourism Ireland.

IFG 'has scope to pursue growth'



FINANCE

Financial services group IFG now has "negligible" debt and enough scope to pursue growth plans coupled with a "progressive" dividend policy, according to the company. In an interim management statement issued yesterday, IFG said that while its financial services business in the UK had been performing well against a tough backdrop, its international trust and corporate services activities had suffered.

Demand remains buoyant -- Kentz



ENGINEERING

Clonmel-based engineering group Kentz said it remains positive about next year despite the tough global economic environment. The company, which provides engineering services around the world, primarily to clients in the oil and gas industry, said its order backlog had risen to $2.38bn (€1.76bn) at the end of October, up from $1.57bn at the end of June. It added that the backlog provides it with work visibility until 2015. The company said demand for its services had remained buoyant.

Slow property recovery predicted



PROPERTY

THE men behind one of the biggest property companies in the country has said that the Irish property market will take between three and five years to recover. In an interview with 'Property Week', Stephen Vernon and Pat Gunne, who run Greene Property, said the recovery in property prices was still some way off. "We assume there will be some stabilisation after three years," said Mr Vernon.

Irish Independent

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