Business Irish

Saturday 18 November 2017

One51 'worth twice' its share price

Peter Flanagan

Peter Flanagan

INVESTMENT group One51 is worth about twice its current share price, according to a leading stockbroker.

Bloxham stockbrokers said yesterday that they valued the company between €3.13 and €4.23 a share, which represents a "considerable upside" to the current share price of €1.90.

Paraic Quinn, an analyst at Bloxham, cited the company's favourable banking facilities, plans to introduce ClearCircle as a brand across its environmental services division and the company's "objectives of increasing transparency and corporate governance".

One51's falling share price -- it had been as high as €5 and was €3 a year ago -- was a key reason for the recent "Campaign for Change at One51" by unhappy shareholders, led by former employee Gerry Killen.

A spokesman for One51 said yesterday that Bloxham had vindicated the firm's business plan. Mr Killen declined to comment on the Bloxham report.

Meanwhile it has emerged that Guy Halifax -- a representative of one of the biggest shareholders of One51, the UK Co-Operative society -- has been offered a position on the company's board from October.

At the firm's recent AGM, Mr Halifax said the co-op was "uncomfortable with the level of disclosure" at One51.

Irish Independent

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