Win-win for ICG shareholders
SO it's anchors aweigh for ICG's €111m share buyback plan. With shareholders having unsurprisingly sanctioned the ferry company's proposal at an extraordinary general meeting yesterday morning, it will be interesting to see how this all pans out.
Chief executive Eamonn Rothwell is playing his cards close to his chest.
He owns almost 16pc of the firm, which sails under the Irish Ferries banner, but hasn't divulged whether he intends to offload any of his own stake in the business.
Either way, he's on to a winner -- retain his full stake and he becomes an even bigger shareholder, especially if there's a significant take-up of the offer.
Investment group One51 is already off the radar, after it jumped ship earlier in the summer by ditching its 12pc holding in the ferry firm. If he decides to sell some of his holding, Mr Rothwell makes a mint.
He has described the tender offer as the most transparent way to return cash to shareholders -- they can participate, or not, depending on their own financial preference.
Stay in the game, and they can keep benefiting from the hefty dividend that ICG is paying as it continues to churn out cash.
Sell and they're still in clover.