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Davy: recent €15.5 million equity injection

Davy: recent €15.5 million equity injection

 

Those venerable stockbrokers over at Davy certainly know how to give a poor business hack an aneurysm.

It filed some paperwork at the Companies Registration Office this week in relation to a recent €15.5 million equity injection into the firm. That’s the simple part. Trying to figure out just who had put in the cash created the headache.

Okay, are you ready? Here goes...

J&E Davy Holdings pumped the cash into the operating company on New Year’s Eve. In turn, an Irish company called Green Note invested the €15.5 million into the holding company.

Green Note is owned by two Manx companies, Red Note and White Note, which owns the vast majority.

White Note, whose directors include senior Davy heads Kyran McLaughlin, Brian McKiernan, Peter Newman and David Smith, is owned by another Irish company, Amber Note.

Amber Note is owned by a minority shareholder, Black Note (this is getting bloody ridiculous) and a majority shareholder, Ailmount Investments.

Ailmount is, in turn, owned equally by about 30 senior Davy executives and partners, including the four men listed, as well as former chief executive Tony Garry and all of the senior figures at the firm.

So, it appears the €15.5 million was ultimately put into Davy by the senior people who are already shareholders.

Green Note, Red Note, White Note, Amber, Black.... They’re clearly a colourful bunch over at Davy.

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