Monday 16 July 2018

One51 embarks on investor roadshow to sell listing and reorganisation plan


One51 chief Alan Walsh
One51 chief Alan Walsh
Samantha McCaughren

Samantha McCaughren

Irish plastics company One51 will this week meet with key shareholders to present plans for a stock market listing of the company.

It will also outline a restructuring of the company's ownership which will see Canadian shareholders take a bigger stake in the overall group. Among One51's largest shareholders are beef baron Larry Goodman and a number of co-ops.

As first revealed by this newspaper, the company is advancing plans for an IPO in Toronto and Dublin within the next 12 to 18 months.

The company, which is headed by Alan Walsh, pictured, must take a number of steps to pave the way for the listing, involving a corporate reorganisation of the group business and its key Canadian asset, IPL.

It is understood that shareholders will be told that the listing cannot proceed if the reorganisation does not get the go-ahead.

The reorganisation will begin with a merger of its subsidiary, IPL, in Canada and its plastics business, OPG, in Ireland and the UK. One51 will have to buy out the 33pc stake in IPL which it does not already own.

IPL's two Canadian shareholders - CDPQ and FTQ - will 'swap out' of the Canadian business and take a shareholding in the main One51 business.

Earlier this year, CDPQ, which owns 22pc of IPL, bought the 23pc stake in One51 previously owned by billionaire businessman Dermot Desmond. After the swap-out, the Canadian shareholders will own close to 40pc of One51.

In a statement on Friday, One 51 said: "The board is actively advancing this strategy and is today commencing a shareholder engagement process to outline a proposed corporate reorganisation of One51 and in particular the IPL structure that would position the group for an IPO within that timeframe. One51 welcomes its shareholders' feedback." A previous plan to list was pulled after Desmond and others failed to support the IPO.

The company also said that non-executive director Dalton Philips was retiring from the board as he prepares to take up his new role as ceo of the Dublin Airport Authority.

"The board has appointed advisers to assist with the process of Board composition as One51 moves to the next phase of its development," said the company.

"An update on progress in this regard will be provided in due course."

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