'NO BETTER OFFERS' FOR ICG - The independent directors of ferries group Irish Continental have issued a statement ahead of a shareholder meeting next week, which will vote on an €18.50 per share buy-out offer from members of its management team including chief executive Eamonn Rothwell.
The statement noted 'the significant trading' in ICG shares above the offer price since it was announced and the resulting speculation about the possibility of a higher offer.
But the directors said they had not received any approach from any other parties, nor had the management team indicated that they would come back with a higher offer.
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MOVE TO DEFINE 'ACCOUNTANTS' WELCOMED - The term 'accountant' is apparently too loosely used by people with no business describing themselves as such. But yesterday a recommendation went to government to ensure that only those with a recognised professional qualification can put accountant on the plaque on their door.
That was welcomed by a number of the bodies representing accountants, among them the Institute of Certified Public Accountants in Ireland.
Chief executive is Eamonn Siggins said his organisation often received calls from people who had had bad experiences with people who were not accountants. He accepted that Ireland was unique in having a number of professional bodies representing accountants, but this provision would remedy that situation for the public.
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IFG CALM ON IRISH SUB-PRIME MARKET - Financial services company IFG Group, whose business interests include mortgage broking and financial advisory services, has announced its results for last year.
Revenues were up 15.5% at €107m and pre-tax profits were up more than 25% at €13.5m.
The company is a player in the sub-prime mortgage lending business, which has become hugely controversial in the US where it is behind much of the recent turmoil in the markets because of rising levels of defaulting on loan repayments.
IFG Group chief executive Mark Bourke said the group had three divisions - international, UK and Ireland - had all performed well.
He said the Irish sub-prime market was very new and was worth about €1 billion. He described the US problems as 'deep sub-prime', while Irish lending was to people who had had only minor credit problems. He said most of these loans were 'just below' normal mortgage lending - people who had minor credit impairment or who had to certify their own income.
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NEWS AND CURRENCIES - United Drug has reported strong growth in all four of its divisions in the six months to the end of March.
The euro is worth $1.33 and 67.56p sterling.
