One51 'worth twice' its share price
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.