Print group Oakhill has announced plans for a revamp which involves former Eircom chief financial officer Peter Lynch taking over as executive chairman and the current directors resigning.
Mr Lynch, who already holds 8% of the company, will increase his shareholding to almost 20% as part of the proposals, which are subject to shareholder approval.
Oakhill has been struggling to cope with increased costs and price pressures in its markets, and carried out a review of its options last year.
The board decided that it needed to expand by widening its range of businesses through acquisitions. As the company has no record of raising funds in the stock market, the board identified Mr Lynch as an investor who could secure support from institutions and the stock market.
The company has also raised more than €2m through a share placing of 14 million shares at 15 cent a share. Mr Lynch subscribed for 4.2 million and consultant John Doris, who will also join the Oakhill board, for 1.3 million. Oakhill's largest shareholder, Ray McLoughlin, will sell Mr Lynch around 9% of the company for 15 cent a share.
Shares in the company closed up seven cent at 20 cent in Dublin.
