DISGRUNTLED ONE51 SHAREHOLDERS WANT CHANGE - What looks like an almighty row has broken out between a number of shareholders and management at the investment company One51. The company is best known for stakes in NTR, Irish Continental Group and the financial services company IFG.
Ahead of this month's One51 AGM, the disgruntled shareholders - who it is claimed represent around 20% of the company - placed advertisements in newspapers that were highly critical of the management and leadership of the company, whose chief executive is Philip Lynch.
Among the criticisms are 'a lack of investment return, a lack of financial transparency, numerous management departures and an overall lack of strategy'.
Former One51 executive Gerry Killen said his group had proposed a clear plan of action, with an exit from activities which were not core to the business - including its stakes in other companies - and a focus on green technology.
He said One51 had gone 'badly off-track'. Mr Killen is asking for support from shareholders to be elected to the board at the company's AGM later this month.
He said there had been discussions with management, and his group would have preferred to move 'below the radar', but management appeared to have decided that there was no need for change.
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