Moonduster down €44m in ill-fated ICG venture
Published 17/09/2010 | 05:00
THE Moonduster consortium's ill-fated investment in Irish Continental Group (ICG) is now more than €44m under water, new filings show.
Backed by the Doyle Group and investment group One 51, Moonduster mounted an unsuccessful takeover for ICG last year and was left sitting on a 24.9pc stake in the shipping group.
Accounts just filed by Moonduster's parent company Rambone show the value of that stake has slipped from its €134m purchase price to less than €89.8m.
The worst of the losses came in 2008, when Rambone wrote down its investment by €29m, but another €15m hit was taken last year, as ICG's share price plunged after the takeover collapsed.
The massive writedowns left the investment vehicle with a shareholders' deficit of €44.2m last year. Moonduster's shareholders, One51 and the Doyle Group, are understood to have financed the share purchases with borrowings from Bank of Scotland (Ireland) and Bank of Ireland respectively, but the amount of these loans is unclear.