CITY: Concrete jungle

Click to follow
The Independent Online
THE decision by the Irish property group CountyGlen to hold its agm and egm on Wednesday at 4pm does not bode well for a high attendance.

At the meeting, John Teeling, the chairman, will propose a deal that could lead to the delisting of CountyGlen's shares, suspended in October at 60p. CountyGlen is to sell one of the two properties it owns for Ir pounds 900,000 ( pounds 837m), leaving it with more than half its assets in cash and so breaching the Dublin stock exchange's listing rules.

The exchange says it will delist CountyGlen, but may give it time to buy some more concrete assets. However, Mr Teeling faces a revolt from his shareholders, led by Lewis Davis, a north London property developer who wants to oust him. Crucial is a 10 per cent stake held by T Cowie, the motor dealer.

Expect fireworks.

Comments