Investment company One51 has sold its shareholding in Irish Continental Group (ICG), the company has said. About 3.1 million shares were sold to institutional investors. The ferry company closed down a half a per cent yesterday evening at €14.92. On Friday it closed at €15.
One51 first bought into ICG in 2007 when it became involved in a protracted takeover battle for the company, which is headed by Eamon Rothwell. Together with the Doyle shipping group, it made a €22 a share bid for the firm.
One51, which sustained an after-tax loss of €109 million last year, mainly due to a writedown in the value of its investment in NTR, has been divesting “non- core” businesses in recent months, although chief executive Alan Walsh said last September that there were no immediate plans to sell the ICG stake.
One51 has sold its stake in IFG and last week it sold a small plastics business, Foamalite. It is believed the company has raised about €55 million through the three transactions, including the sale of the ICG stake, although it will take a multimillion euro write-down on its sale of the ferry group’s shares.