Tuesday 24 October 2017

One Fifty One raises €10m in share sale

Phillip Lynch. Photo: Frank Mc Grath
Phillip Lynch. Photo: Frank Mc Grath
Donal O'Donovan

Donal O'Donovan

One Fifty One has sold its stake in UK waste management company Augean in a €10m share sale.

The sale was confirmed yesterday in a regulatory announcement by London AIM-listed Augean.

One Fifty One sold 17,610,200 shares or just under 18pc of total stock, according to the announcement.

Based on yesterday's closing share price of 48 pence each, the disposal raised some £8.45m (€10m) for One Fifty One.

The sale cuts One Fifty One's stake in the business to nothing, according to the announcement.

Shares in the British company are trading at the highest levels since 2009 -- the company provides specialist services in environmental services and waste, including nuclear, management.

Irish investment firm One Fifty One was tipped as a possible buyer for the UK company back in 2006, when it snapped up a stake that at one point meant it owned almost a quarter of the company.

PROFIT

However, in August 2008 the Irish company said it would not move ahead with a full bid.

Investment firm One Fifty One emerged from the old IAWS agricultural products business and holds investments in a range of companies from bakers Irish Pride to makers of wheelie bins.

It was set up by former IAWS boss Phillip Lynch and bought heavily in the boom, taking large positions in the likes of NTR, Irish Continental Group as well as Augean.

Last October, chief executive Alan Walsh said the company was poised to return to profit in 2013, after seven years of losses.

Irish Independent

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