asked the Minister for Finance whether any offer was made in recent years to purchase at a discount the shares of the Industrial Trust Company of Ireland, Limited, now in liquidation; if so, whether he can state the nature of such offer, whether any intimation that such an offer was in contemplation or made was given to the Government or any of the other shareholders; if so, by whom and in what manner was such intimation conveyed and what action was taken in regard to it.
Ceisteanna—Questions. Oral Answers. - Shares of Industrial Trust Company.
No offer was made to the Government for the purchase of its shares in this concern at a discount, nor was any intimation given to it that such an offer was in contemplation. The company wrote to the larger American shareholders, representing about £40,000 of the capital, inquiring if they would be prepared to sell their holdings for 1/- per share and written consents to the acceptance of this price were received in respect of about £25,000 of shares. No actual offer, however, of 1/- per share was made, so far as I am aware; and the suggestion came to nothing in view of the steps taken to liquidate the company.
Will the Minister say if the offer to purchase these shares at 1/- was made by any person who was a shareholder or by any person who had any connection with the company? Was it made by a director of the company?
The company, presumably with the consent of the directors, wrote to the larger American shareholders making an offer in the terms I have represented.
But the Minister had representatives on the board of directors and these directors presumably knew the source from which the offer came. Was the offer made by a person who was a shareholder of the company or by a person who was not a shareholder?
I think, subject to correction, that the origin of this offer was a proposal by an English company to buy out the shareholders at 1/- a share, and I presume the directors in this matter had that proposal in their minds when they approached the larger American shareholders. As I have already stated, I presume all the directors were party to the approach to the American shareholders and that that includes those who were assumed to represent the Government on the board of the company.
Was it a firm offer or was it merely an inquiry?
I assume it was a firm offer, but in view of the fact that the Government were not prepared to consider a transaction of that sort, the matter was not pursued to its ultimate conclusion.
Will the Minister say whether any director of the company or adviser of the company was associated with the English company which proposed to buy these shares at the rate of 1/- a share?
I am not in a position to say anything about that.