UBS reduces stake in Arytza as Saudis prepare for Galway Utd bid

Seen & Heard: credit unions bill and Persona lines up new backer

Dee Forbes, RTÉ director general. An Post has claimed that a crackdown on licence fee evasion would only deliver an extra €11.3 million a year.

Dee Forbes, RTÉ director general. An Post has claimed that a crackdown on licence fee evasion would only deliver an extra €11.3 million a year.

 

The Swiss banking giant UBS has reduced its sake in troubled Swiss-Irish baked goods company Aryzta from 5.1 per cent to 1.9 per cent, according to the Sunday Business Post. It comes at the same time as UBS analysts cut their price target for Aryzta – from Sfr23.50 (€20.20 ) to Sfr15.50 – which sent the its share tumblon on the markets.

Galway united

The Post also reports that the Saudi Arabian firm seeking to take over Galway United FC will make one of the largest in League of Ireland history, sources have said. The buyer is a company led by Mohammed Al-Homaidaini, the former vice-president of Saudi football club Al-Hilal, who is meeting with developer Luke Comer, the club’s key sponsor, to discuss its plans.

Persona claim

The Sunday Times reports that Persona, the company that came second to Denis O’Brien’s consortium in the 1995 mobile phone licence, is lining up a new financial backer for its long-standing claim for damages against the State and Mr O’Brien.

The company, owned by Michael McGinely and Tony Boyle, is preparing to sell equity in order to finance its claim for €500 million in damages.

Credit unions

Credit unions, according to the Times, are paying up to 5 per cent of their income into eight separate rescue and stabilisation funds, according to figures from the Department of Finance.

The levies, most of which are required by law, are being imposed at a time when many credit unions are struggling because of competition from banks and a collapse in investment returns.

Licence fee

An Post has claimed that a crackdown on licence fee evasion would only deliver an extra €11.3 million a year to RTÉ, the Sunday Independent reports. This is significantly lower than the €40 million to €50 million which director general Dee Forbes has estimated an overhaul of collection could bring in.

BGE plan

Bord Gais Energy has reignited a€100 million plan for a series of electricity projects across Ireland, according to the Independent. The Greener Ideas partnership, a joint venture between the former State company and energy entrepreneur Brian Keogh’s Mountainside Partners, is seeking permission to build a 100MW combined cycle gas turbine electricity plant in Athlone.

Sorrell investigation

WPP has claimed that it cannot reveal the subject of the investigation that triggered the downfall of chief executive Martin Sorrell because of data protection law, according to the Sunday Telegraph. As the advertising giant prepares to face shareholders at its AGM on Wednesday, it said that as well as a confidentiality agreement with Mr Sorrell, it is bound by EU laws designed to guard privacy.