Main Eddie O’connor, to create a grey market share

  • Main Eddie O’connor, to create a grey market share
    Independent.t. E.
    Main renewable energy, Eddie O’connor is to create a gray market for shareholders.
    https://www.independent.ie/business/irish/eddie-oconnors-mainstream-to-create-grey-share-market-37246815.html
    https://www.independent.ie/business/article35958186.ece/ff31e/AUTOCROP/h342/2015-10-28_bus_14098916_I1.JPG

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Main renewable energy, Eddie O’connor is to create a gray market for shareholders.

This move will give shareholders in business platform for trading shares in private, without company listed on the stock exchange.

Investec to be appointed to manage the market, which is financed from the proceeds on Neart Gaoithe, a massive Scottish offshore wind farm project, which are mainly sold in recent months. The shareholders said that the company will look to create more “gray” markets in the future, in addition to those offered.

The agreement will also see the basic to buy back shares to two institutional investors, Barclays and the Japanese company “Marubeni”, of €8 per share.

The shareholders said that the company sees this as a discount on your own internal assessment and that the grey market price will be higher.

Details are disclosed in the letter signed by Mr. O’connor and the main Executive Director Andy Kinsella. Both men said that they would not sell their shares in the grey market.

“While we are proud of the recent success of the company, we believe that there is much more to come with considerable further growth and value creation for shareholders,” the letter reads.

The establishment of a grey market is subject to shareholder approval.

The letter stated that the company was sitting on a profit of $ 520m so far this year after Neart Gaoithe on sale.

The wind generator was sold to the French giant EDF. The mainstream has become the new focus of Mr. O’connor after he sold Airtricity on the night of 1 billion euros. He talked about his wish list of major in the stock market, and the company has signaled that he wanted to create more liquidity for shareholders.

He is working on several projects in Africa and South America.

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