Sunday 17 November 2019

KPMG opens up share register for inspection

KPMG, Siteserv PLC's liquidators
KPMG, Siteserv PLC's liquidators

Donal O’Donovan

A list of Siteserv shareholders in the period before its main assets were sold was opened up for inspection by journalists yesterday.

There had been some media speculation at the weekend that even asking for access to the share register was a waste of time, and would inevitably be blocked.

In the end, it was all pretty easy. The Irish Independent made a request on Sunday to KPMG, Siteserv PLC's liquidators, to see the file. Steps were immediately taken to provide access during business hours on Monday.

Other publications followed suit, and a number of reporters trooped out to the Sandyford industrial estate, where the register could be viewed by appointment. The share register is an historic list dating to the period up to June 2012, when Siteserv PLC was placed into liquidation.

It is held on a database maintained by market data company Computershare, but as a legacy asset of Siteserv PLC it is under the control of liquidator Kieran Wallace, who granted the access. The register lists over 600 investors who held Siteserv shares at any time before its liquidation. Many entries include full personal names and addresses as well as information on the number of shares held, but a significant number of investors are only identified on the register by the names of stockbroking firms including Davy, NCB, Goodbody and Merrion they would have bought shares through.

The register is complete, and was used to disburse a €4.96m payment to shareholders back in 2012.

As a share register, it does not include details of all share-trading activity, and it is not required to do so. Only the final amount of shares held by an investor when a stake was sold is recorded, for instance, and dated software used to compile the register makes it difficult to search. But files made available to journalists do include a record of share-trading activity up to the Siteserv sale the following March.

Based on an initial review of the information, trading of shares in advance of the Siteserv sale was largely in small volumes and, we know separately, at very low prices.

Irish Independent

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