Cinema moguls buy into toilet business
CINEMA moguls, the Ward and Anderson families, have emerged as major shareholders in John O'Loughlin's Qualceram Plc, which received a preliminary takeover approach last week.
Through their Torgyle investment vehicle the Ward Anderson group has been actively buying shares in the toilet-maker over recent months.
Since December they have bought up four big blocks of Qualceram shares, now owning close to 5 per cent of the Arklow-based bathroom business.
The Ward Anderson families own the largest cinema chain in Ireland, with a portfolio including the Savoy and Omniplex cinemas.
Qualceram's shares have halved in recent months on the back of the slowdown in the Irish property sector.
It is thought that the approach came from a UK rival.
John O'Loughlin and Qualceram's management team own around 40 per cent of the firm, which would make any hostile takeover impossible. Arsenal Football Club chief executive Keith Edelman is also a director of the firm.
Shares in Qualceram rose just 2 per cent on the news, valuing the company at under €25m.
Shares in Qualceram closed at €1 last week. However Goodbody Stockbrokers have suggested that a bid of €1.13 per share for the company would be a "starting point".
- Nick Webb
