Seen & Heard: What the Sunday papers reported
O’Reilly’s Providence shares, Government’s Apple briefings and Brandtone liquidation
Sir Anthony O’Reilly: Last shares in Providence will be sold as part of bankruptcy process. Photograph: Brenda Fitzsimons
Last O’Reilly’s shares to be sold
The last shares held by Sir Anthony O’Reilly in Providence Resources, the company he founded, will shortly be sold as part of his ongoing bankruptcy process, the Sunday Business Post reports. A US filing in relation to the bankruptcy in the Bahamas also points to ongoing investigation into the former media baron’s extensive art collection.
Taoiseach briefed Google on Apple ruling
Both Google and Facebook were briefed on the implications of the Apple ax ruling by Taoiseach Enda Kenny and Minister for Finance Michael Noonan respectively, the Sunday Independent writes. Google global head of public policy sought a briefing from Mr Kenny on a visit to the State, while Mr Noonan briefed senior Facebook officials during a visit to the United States, documents obtained under Freedom of Information show.
Mercury Engineering up for sale
The Sunday Independent also reports that the privately held Mercury Engineering, one of the largest engineering businesses in the State, is on the block. The business founded in 1972 by Joe Morgan and Frank O’Kane has annual revenues of about €500 million and employs more than 3,000 people worldwide.
Brandtone goes into liquidation
Brandtone, a mobile marketing group that raised €41 million from investors, including Unilever, and which won the EY Entrepreneur of the Year award for emerging companies in 2015, has gone into liquidation, according to the Sunday Times. The company went into examinership earlier this month but failed to find necessary funding to survive following a dispute with Accenture of a €1.7 million payment.
Version 1 in talks with Volpi Capital
The Sunday Times also reports that shareholders in fast-growing IT group Version 1 are in advanced talks to sell a large majority stake to UK private equity group Volpi Capital, which is led by Irishman Crevan O’Grady. Founder Justin Keatinge, who is reported to hold 43 per cent of the equity and recently stepped down from his active role in the business, would be the big winner from any takeover.
Ballymore to sue CRH
Developer Sean Mulryan’s Ballymore group is to pursue a court action against CRH and its subsidiary Roadstone among others over the alleged supply of pyrite in material used in a high-end housing scheme in Portmarnock, the Sunday Independent reports. More than 90 of the 145 houses in the Drumnigh Wood estate are affected, it is claimed. The case is listed for May 30th.
Nama could have made extra €18bn
A new report says Nama would have made an additional €18 billion had it held on to and managed its assets. The report by economist Jim Power using numbers validated by Lisney says overseas funds made spectacular profits of more than €317 million in under two years on just 11 deals by “flipping” property assets acquired from Nama at an average return of 47 per cent, the Sunday Business Post reports.