NTR shareholders approve windfall

Shareholders in investment group NTR have overwhelmingly approved a resolution to distribute €100 million to investors at an egm held in Dublin this morning.

The special payout by NTR is part of a planned liquidity event by the company, which has scaled back its investments in recent years and exited a number of unprofitable ventures.

NTR will redeem up to 108.7 million ordinary shares at a price of €0.92c per share.

Chairman Tom Roche and his immediate family are set to net a windfall of about € 39.6 million from the special payout. Mr Roche owns 3.26 million shares in NTR personally while the family holds a 38.31 per cent stake through an investment vehicle called Dreamport Ltd. Up to 2011, NTR paid out healthy dividends to the family each year, most recently €5.7 million in 2010 via Dreamport.

NTR will now apply to the High Court to seek its approval for the proposed capital reduction.