Ardagh Plc's legal action against Dublin Port Company, which has vetoed Ardagh's plans to convert its idle Ringsend glass bottle factory into commercial warehousing, is set to drag on for several months longer than anticipated.
Ardagh Plc's legal action against Dublin Port Company, which has vetoed Ardagh's plans to convert its idle Ringsend glass bottle factory into commercial warehousing, is set to drag on for several months longer than anticipated.
The delay is down to a backlog in the courts, chairman Mr Paul Coulson told the annual general meeting yesterday.
The a.g.m. was the first since Ardagh's profit-driving overseas interests were reconstituted as a private business earlier this year.
Shareholders approved the reappointment to the board of directors Ms Margaret Downes, Mr Brendan Dowling and Mr Edward Kilty.
They also endorsed two special resolutions.
One of these resolutions empowered the board to allot equity securities for cash pursuant to a motion passed at the 2000 a.g.m.
The second resolution permitted the company make market purchases of ordinary shares of one cent each in the capital of the business on terms and conditions and in such manner as the directors determine, to a maximum of 3,462,569 shares.
Ardagh's full-year results show that the company's international glass business, which was spun off to a private company, posted a 23 per cent rise in operating profits to 32.9 million in 2002.
By contrast, the remainder of the company's interest, including its Irish glass plant - which closed with the loss of 375 jobs in July - recorded a trading loss of 2.9 million, largely due to redundancy payments.
The demerged operations, which include the British and Italian glass businesses, reported a 13 per cent rise in earnings before interest, taxation, depreciation and amortisation (EBITDA) to 74.2 million.
Turnover was up by nearly 9 per cent to 288 million.
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