One51 board backs bid for Toronto exchange listing
Irish plastics company One51 will this week confirm plans to explore a listing within 12 to 18 months following board approval to progress the proposal.
As previously reported by the Sunday Independent, the company is targeting a listing on the Toronto Stock Exchange.
One51 has long held plans for a listing and a deal in May which saw Canadian fund manager CDPQ buy the 23pc stake in One51 previously owned by billionaire businessman Dermot Desmond cleared the way for the flotation.
One51, led by Alan Walsh, will report interim results tomorrow. In a research note issued last week, Goodbody Stockbrokers forecast revenues of €490m for the full year 2017 and ebitda of €68m. However, sources said the numbers could be in excess of that.
Said Goodbody: "The North American rigid plastics packaging market is highly fragmented and therefore set for consolidation. This, coupled with management's M&A track record provides the potential for more value accretive deals. Customer led European expansion is also an option."
"We believe 5-10pc organic ebitda growth is an easily achievable target over the medium term," said the broker.
Sunday Indo Business