Wednesday 18 January 2017

Anglo takes charge against Ballymore's stake in Isle firm

Published 13/02/2010 | 05:00

Anglo Irish Bank has taken a charge against a stake owned by Sean Mulryan's Ballymore Ireland Group in a new Isle of Man-based entity linked to investment vehicle Davy Hickey Properties (DHP).

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The charge against the 8,179 shares in DHP (IOM) was registered just this week, according to documents filed in the Isle of Man.

DHP (IOM) was only established last November and at the time of its formation its sole subscriber to just one share issued by it at that date was Brendan Hickey. However, the company's memorandum of association shows that a maximum of 200,000 shares can be issued by the firm.

Mr Hickey, a well-known, Dublin-based property developer, is one of the primary shareholders of Andrasta, which was previously known as Davy Hickey Properties. Andrasta was placed into voluntary liquidation last August. Other shareholders in Andrasta included stockbrokers Kyran McLoughlin and James Davy.

Last month, it was reported that some private clients of Davy Stockbrokers had concerns that they may have to stump up fresh capital to fund the development of construction projects in eastern Europe in which they had already injected a combined €200m.

The clients -- both private and institutional -- invested the money in Ballymore International Developments in 2007, targeting €1bn worth of schemes in cities including Berlin, Germany, Bratislava, Slovakia, and Prague, Czech Republic.

Mr Mulryan is also a major shareholder in Ballymore International Developments.

Dividends

The documents filed this week in the Isle of Man show that Anglo Irish Bank has a charge over Ballymore Ireland Group's shares in DHP (IOM) as well as all interest, dividends (cash or otherwise), bonus issues, distributions, allotments, offers by way of rights, benefits, rights, proceeds and entitlements arising from or attaching to the shares.

Last year, nationalised Anglo Irish Bank secured a charge over Ballymore Ireland Group's freehold and leasehold property and included all "present and future bank accounts of the company".

Mr Mulryan has been a prolific developer in London's docklands area during the past decade and transformed Ballymore into one of Europe's biggest property development firms. He is hoping to capitalise on the staging of the Olympics in the English capital in 2012.

Irish Independent

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