Tuesday 21 November 2017

The Punt: DAA's Kevin Toland lands role

Kevin Toland
Kevin Toland

Kevin Toland, the man piloting the Dublin Airport Authority, has been appointed to the board of fresh produce provider, Total Produce.

In terms of the corporate world, 49-year-old Toland, pictured below, has been around the block a bit.

In September 2012, he was appointed chief executive of the DAA, the agency responsible for the operation of Dublin and Cork airports.

Prior to that, he was with dairy group Glanbia, where he served as chief executive and president of Glanbia USA & Global Nutritionals, based in Chicago.

Now the Navan native will take up the role of non-executive director at Total Produce from the beginning of July.

The company's chairman, Carl McCann, heaped praise on Toland, describing him as a "successful and experienced" chief executive with international experience.

"His direct knowledge of North America is very relevant as we continue to expand our business," said McCann.

"We look forward to his contribution to the further success and development of Total Produce."

Petroceltic turns a corner

Things are looking up for Irish oil and gas company Petroceltic with positive newsflow around its Algerian and Italian assets. This follows a welcome return to 'business as usual' for management after months of dispute with activist shareholder Worldview Capital.

The award of a contract (reported in these pages on page 25) is an important milestone for the Algeria project as it confirms active development work is on schedule to commence this year. The first dozen development wells have been approved.

Back-of-the-envelope calculations by industry sources suggest Petroceltic will be spending about $6m to $7m per well in the remote part of Algeria where it is currently drilling.

About a quarter of that will relate to rig contract costs, so with 24 wells planned, it looks like the rig contract alone could come in somewhere between $35m to $40m.

Algeria is the jewel in the crown but Petroceltic's Italian operations could also deliver a pleasant surprise for long-suffering shareholders.

There has been a lot of progress among other operators in Italy, with Edison recently received formal approval to drill wells on Rospo Mare and offshore Sicily.

Here's hoping Petroceltic has turned a corner after a difficult few months with a difficult shareholder.

There's a run on Bank of England

THE Punt has done the odd marathon so we know enough about these races to salute Bank of England governor Mark Carney's success.

Carney ran the London marathon in just over three hours and 31 minutes over the weekend, shaving 17 minutes off his time at the 2011 Ottawa Marathon.

That means he finished in 6,500th place among all runners, and came it at 533rd for his age category, having turned 50 last month. It's a pretty impressive time for a man who has a tough day job.

It seems the governor runs early in the morning before meetings. The 'Daily Telegraph' reported that in London, he sometimes runs to or from the Bank of England rather than use his official car.

He probably drew some satisfaction from beating Barclays chief executive Antony Jenkins and Goldman Sachs' Anthony Gutman but the City remains a chummy place.

The central bank chief raised more than £60,000 for Cancer Research, with donations from future Credit Suisse boss Tidjane Thiam, Lloyds' Antonio Horta Osorio, and his predecessor, Mervyn King.

The Punt has spied the Central Bank's Patrick Honohan at the opera but it is hard to imagine him running a marathon in anything like this time.

And it is even harder to imagine him going cap in hand to David Duffy or Richie Boucher for sponsorship.

Irish Independent

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