Wednesday 21 November 2018

Monaghan's Wilson exits from Donegal Investment

Donegal recently told the market it had bought 495,000 of its own shares at €8.80 each, a deal worth almost €5m.
Donegal recently told the market it had bought 495,000 of its own shares at €8.80 each, a deal worth almost €5m.
Gavin McLoughlin

Gavin McLoughlin

A company linked to Monaghan Mushrooms boss Ronnie Wilson has been bought out of Donegal Investment Group, the Sunday Independent understands.

Donegal recently told the market it had bought 495,000 of its own shares at €8.80 each, a deal worth almost €5m.

It's understood the shares were bought from Danbywiske, a company which is owned by Wilson, according to its most recent Companies Registration Office documents.

Donegal and Monaghan Mushrooms were involved in a long-running dispute over the sale of Donegal's stake in the mushroom grower. The dispute was resolved earlier this year after a sale was agreed for €45.5m, with Donegal shareholders due for a windfall on foot of that.

Donegal shares have been trading at record highs this year and the company has for a long time been pursuing a policy of buying its own stock.

It has also been disposing of other non-core assets in addition to the Monaghan stake.

Remaining businesses include a seed potato business and a speciality dairy business.

Last month, the company said it was "undertaking a strategic review to assess all suitable options for the purpose of maximising long term shareholder value."

"The board is optimistic that all businesses will remain on plan for the remainder of the year," it added.

Sunday Indo Business

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