One51 keeps its options open as IPO motions passed
ONE51 has been hell-bent on a flotation since Philip Lynch was running the business and last week it jumped some big hurdles by getting the go-ahead for a reorganisation of the business, paving the way for a listing.
Votes representing less than 6pc of the shares were against the motions, which must have been a relief to chief executive Alan Walsh given One51’s history of shareholder dissent. The only blip on the day was news that demand from its biggest customer in Ireland had been hit — I believe it is EMC (for whom it makes plastic casing) and its acquisition by Dell has hurt demand.
However, something else in the statement raised the eyebrows of seasoned market obervers. When companies are set on a course for the stock exchange, they generally do not end a statement by allowing other possibilities to enter the heads of its shareholders.
In its statement, One51 said “in any event” that board “also continues to explore all options ... with the objective of maximising shareholder value and delivering a liquidity event for our shareholders”. To the ordinary punter it might seem like business as usual.
But many see it as a clear message to would-be buyers that One51 is very much open to offers. CapVest’s Seamus Fitzpatrick did not reach an agreement with the nowpowerful Canadian shareholders, but the board’s door is very much open to anyone else who would like to try and do a deal.