INVESTMENT GROUP One51 is to issue a new proxy form to shareholders early this week, following representations from a shareholder to be included on the form.

Shareholders in the troubled company received a proxy form in the last few weeks which included details of three company directors who were seeking re-election, as they have sat on the board of the company for three years. Eithne Fitzgerald, Michael Long and David Martin are seeking re-election as directors. In addition, another director, Guy Hallifax, who joined the company last year is also seeking election.

In an unusual move, a second proxy form, which will include the name of shareholder, Peter Byrne, a member of Wexford Farmers Co-op who is seeking election to the board, will be sent to shareholders this week, effectively cancelling the original one. It is expected that a number of individual shareholders may come forward in the next few weeks and seek nomination to the board.

One51 which ousted its chief executive Philip Lynch earlier this year, is due to hold its agm on September 14th.

Earlier this month it emerged the company made a loss of €104.6 million in 2010, largely the result of a €95 million writedown in its 23.8 per cent holding in Dublin-based NTR, which operates a portfolio of investments in waste, water, wind power, solar and toll roads.

Mr Lynch earned remuneration of €1.48 million last year, an increase of 6.5 per cent on 2009.

Meanwhile, the representatives of the IAWS nominees account, the entity which holds One51 shares on behalf of some co-ops, have written to shareholders reminding them of their right to instruct the nominees to vote on their behalf. The representatives of the IAWS nominees accounts are One51 executives Eugene Hillery and Michael Long.