A round-up of today's other stories in brief.
Abbey seeks approval for share buyback
Homebuilder Abbey is seeking shareholder approval to buy back as much as 14.99 per cent of its share capital over the next 18 months.
In a statement to the stock exchange yesterday, Abbey said a share repurchase programme was in the company's best interest as it would enable the group to better respond to volatile market conditions such as those seen in September when Abbey's share price fell by 26 per cent.
It will also help stimulate liquidity and enhance earnings per share.
Abbey also said that Gallagher Holdings, the group's largest shareholder with a 35 per cent stake, has received waivers from the Takeover Panel, meaning it will not have to make an offer for the whole company if its stake increases as a result of the buy-back.
Gallagher will be allowed to increase its stake to up to 41.5 per cent. An egm is scheduled for November 19th.
Qualceram egm on sale of HQ
Bathroom suite maker Qualceram Shires will hold an egm on November 14th for shareholders to vote on the sale of its headquarters in Arklow. The deal is expected to net €31 million for the struggling company.
Celtic rejects Severstal offer
Irish-registered mining group Celtic Resources yesterday rejected Severstal's £161 million (€230 million) offer for the company, reiterating its earlier comments that it significantly undervalues the group.
"Severstal is trying to buy Celtic cheaply through this opportunistic and unsolicited offer," it said.
"We expect record production levels for the company in 2007 with substantial increases in 2008, against a background of a sustained rise in the price of gold."
The Russian miner yesterday sent its offer document to Celtic shareholders, asserting that Celtic "has a history of destroying shareholder value" and of "broken promises".
Pan Andean paid €158,177 to directors
Aim-listed exploration group Pan Andean resources paid out £110,866 (€158,177) in salaries to its directors in the year to the end of March, according to the group's annual report.
This is an 11 per cent increase on the prior year. Fees paid to directors increased 18 per cent, to £70,598. The company did not give a detailed breakdown. According to the report, the group has four directors.
AIB sponsorship of GAA extended
AIB and the GAA have agreed a five-year extension of the bank's sponsorship of the All-Ireland hurling and football club championships.
The new deal, which includes support for games development, extends the partnership to the 2011-12 season which will mark the 20th anniversary of AIB's sponsorship of the championships.
Warning of conflict of interest at VW
Ratings agency Standard & Poor's has warned of potential conflicts of interest at Volkswagen should Porsche exert a stronger influence on Europe's largest carmaker.
This came as VW reported record nine-month sales and better-than- expected quarterly earnings yesterday, putting it on track in its stated plan to rival Toyota as the car industry's most profitable and best-selling producer.
The company reported quarterly operating profit of €€1.46 billion and said it was on track to sell six million cars for the first time this year.
This it said was in spite of weak markets in Germany and the US and the strengthening euro, which has cost it about €800 million this year. - (Financial Times service)
