Dáil Éireann Debate, Thursday - 3 November 2016
196. Deputy Pat Casey asked the Minister for Jobs, Enterprise and Innovation the exact percentage and history of the shareholding that the state has in a studio (details supplied); the reason behind the Government decision to sell that shareholding; and if she will make a statement on the matter. [33254/16]
View answerEnterprise Ireland has a 31.67% stake in the ownership of Ardmore Studios having acquired its share as a result of an equity investment and a loan by Nadcorp (a predecessor State Agency) under an Agreement that dates back to 27 August 1986 which was amended on 22 September 1987.
The sale of the Ardmore Studios is a commercial decision by the owners of the Studios. The decision to sell its shareholding in Ardmore Studios is a day-to-day operational matter for Enterprise Ireland. The balance is owned by a company that is owned by its shareholders and the decision by that company to sell its shareholding is a matter for the company.
As a passive investor, Enterprise Ireland has not been involved in the day-to-day business of running Ardmore Studios. Furthermore while Enterprise Ireland offers supports to exporting companies involved in film and the creative sector, policy responsibility for the development of the film industry rests with my colleague, Ms Heather Humphreys, T.D., Minister for Arts, Heritage, Regional, Rural and Gaeltacht Affairs.
Enterprise Ireland remains committed to its client companies with global ambition across the creative sector in areas such as animation and digital content. Enterprise Ireland provides these companies with a range of supports appropriate to their stage of business and is committed to supporting these companies internationalise.
Ardmore Studios is being placed on the market for sale as a going concern. Enterprise Ireland has not placed any pre-conditions on the pending sale of Ardmore Studios due to the existence of planning restrictions on the site which safeguard its use as a film making studio into the future.
At the appropriate time, a proposal for decision on the sale of Enterprise Ireland’s shareholding will be reviewed by Enterprise Ireland from a commercial and legal perspective to ensure receipt of fair market value and return for the taxpayer.
