Sunday 26 May 2019

Pageant moves in as Capital shuns Datalex

Datalex’s products help airlines to boost revenue by enabling them to offer additional services and products to passengers when they’re booking their tickets
Datalex’s products help airlines to boost revenue by enabling them to offer additional services and products to passengers when they’re booking their tickets
John Mulligan

John Mulligan

US investment giant Capital Group has ditched its entire holding in Irish travel software firm Datalex ahead of a shareholder meeting today to approve a €6.1m loan from billionaire financier Dermot Desmond to the firm.

Capital Group previously owned 6.92pc of Datalex. That stake was worth as much as €13m at the beginning of the year, before Datalex revealed that it may have misstated its first-half results for 2018.

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Stock exchange filings yesterday also show that Pageant Investments, an investment vehicle controlled by Irish businessman Nick Furlong, has boosted its stake in Datalex to 3.99pc.

Prior to notifying the stock exchange of the stake, Pageant Investments did not have a notifiable interest in Datalex. A related firm, Pageant Holdings, was once one of the largest Datalex shareholders and made millions from its investment.

Today's EGM could be a raucous affair, with many shareholders nursing big losses after January's revelations sent the stock plummeting.

Irish Independent

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