More news in brief
Shareholders in Treasury Holdings-backed property vehicle Real Estate Opportunities (REO) yesterday voted to restructure the company so that it does not have to be wound up in 2011.
Its articles of association require it to be wound up in May 2011, and give ordinary and preference shareholders the option of cashing in their investment. But last month REO proposed a structure that would eliminate the need to wind up the firm, while repaying holders of its zero-dividend preference shares their full entitlement of 235.51 pence sterling. The scheme does not cater for ordinary shareholders.
Yesterday, holders of all classes of stock voted to adopt new articles of association, cancel the firm's share premium account, cancel its existing zero-dividend preference shares and issue in exchange zero-dividend preference shares in a new subsidiary, REO Securities Ltd.
Director seeks to restrain dismissal
The managing director of specialist finance and mortgage company Bright Finance has initiated High Court proceedings to restrain his suspension or dismissal from the company.
Mark Suter says he has been excluded from the management of the company and he is seeking an order directing his fellow shareholders and directors to purchase his shares at a value determined by the court. He also wants an order for the wind-up of the company and an order restraining the directors from oppressing him.
Ms Justice Mary Laffoy permitted Mr Suter to bring the application before the High Court next Monday.
Aer Lingus to seek sale of Ryanair stake
Aer Lingus will present its arguments at a hearing of the Court of First Instance in Luxembourg next week as part of its action to get the European Commission to make Ryanair dispose of its 29.44 per cent shareholding.
The commission blocked Ryanair's proposed takeover of Aer Lingus but said it did not have the authority to force Ryanair to sell its stake.
"It is Aer Lingus' view that the regulation does give the commission that power," Aer Lingus said yesterday. It has also asked the court to prevent Ryanair from interfering in the running of its business pending judgment.
Amarin stock split approved at egm
Amarin shareholders have approved a one-for-10 reverse stock split at an extraordinary general meeting in London.
IBM shares rise on upbeat report
Shares in IBM rose as much as 5.6 per cent in New York trading after giving its second upbeat report in less than a week, signalling overseas sales will help overcome a slowing US economy. Earnings will climb to between $8.20 (€5.60) and $8.30 a share this year, it said. - (Bloomberg)
Kingspan Century's temporary layoffs
Timber-frame home specialist Kingspan Century is temporarily laying off 24 workers from its Dungarvan manufacturing facility as a result of UK market conditions. Managing director Gilbert McCarthy said staff would be rehired as soon as conditions allow.
Ireland's 'biggest' architecture firm
Dublin-based HKR Architects has been ranked Ireland's biggest architecture firm in a survey by British magazine Building Design.
In a list of the world's 100 largest practices, it was the top-ranked Irish firm, at 68, with estimated revenues of $50 million (€34.2 million) to $59 million in 2007.
