The main shareholders in an Irish telecommunications company are set to reap a multi-million-pound reward from its purchase by WorldCom, the giant US telecommunications group. Assuming a value of more than £20 million for TCL Telecom, Mr Sean Melly, Mr Bernard Somers and Mr Liam Booth will, between them, receive in excess of £14 million for their 70 per cent stake in the company. Mr Melly, the company's founder, holds 40 per cent of the company and will be the main beneficiary.
The scale of the return on their shareholding has been matched by a clutch of of other business people in recent months, as the exclusivity that once reigned in the Irish millionaires' club fast diminishes.
A series of company buy-outs and stock exchange flotations have made key personnel in high-performing Irish companies rich - or richer - overnight.
In addition to Cuisine de France shareholders Dr Pat Loughrey and Mr Ronan McNamee, who shared £40 million this week, other big winners include:
Former plumber Mr David McKenna who put himself in line for a £1015 million windfall two weeks ago with the announcement that his company, Marlborough International, the Republic's largest recruitment firm, is to float on the Dublin and London stock exchanges. Mr McKenna bought the company for £6,000 in 1992.
The sale - also two weeks ago - of Moffett Engineering to Dungannon-based Powerscreen for £23 million netted Moffett managing director, Ms Carol Moffett, £11 million.
The acquisition at the same time of Woodchester Investments by US finance group, GE Capital, netted Woodchester chairman and chief executive, Mr Craig McKinney, £6.72 million for his shares and a further £800,000 for his share options.
The purchase in August of the Sunday Business Post by Trinity International Holdings for £5.55 million made millionaires of the paper's editor, Mr Damien Kiberd, its chief executive, Ms Barbara Nugent and one of its founders, Ms Aileen O'Toole.
And the purchase at the end of July of Irish telecommunications software group, Aldiscon by British group Logica, in a deal which valued it at almost £57 million, also proved lucrative for the shareholders. The biggest single beneficiary was Mr Jaye Murray whose 42 per cent stake in the company was worth £23.9 million. Five other shareholders gained more than £1 million. see page 2
