Dáil Éireann Debate, Thursday - 7 December 2006
144 Mr. J. Higgins asked the Minister for Transport the way the proceeds of the sale of the site of the Irish Glass Bottle Company will be divided between the Dublin Port Company, the directors of a company (details supplied) and the shareholders of that company. [42134/06]
Amharc ar fhreagra145 Mr. J. Higgins asked the Minister for Transport the process by which a company (details supplied) was able to acquire the site on which the Irish Glass Bottle Company was located and enter into an arrangement with the Dublin Port Company to sell this asset. [42135/06]
Amharc ar fhreagraI propose to take Questions Nos. 144 and 145 together.
Full details regarding the division of the proceeds from the sale of the Irish Glass Bottle site are available in the Irish Stock Exchange announcement made by South Wharf plc on 10 November 2006 headlined ‘Proposals for Acquisition'. This is available in the company announcements section of the Irish Stock Exchange's website www.ise.ie.
Included in the announcement is the following paragraph:
Becbay has agreed to pay an Aggregate Amount of €411,987,000 in cash, which represents the highest bid received under the Tender Process. Of the Aggregate Amount, Dublin Port will receive €138,427,632, being 33.6% thereof, in accordance with the terms of the Settlement Agreement as announced on 29 June, 2006. The balance of €273,559,368, less certain deductions (described below and currently estimated at between €19 million and €21.5 million), will be paid on a proportionate basis as Cash Consideration to the South Wharf Shareholders at the Scheme Record Time.
In response to the Deputy's second question, South Wharf did not acquire the site on which the Irish Glass Bottle Company was located. South Wharf owns the leasehold interest in the site, while Dublin Port Company owns the freehold interest. In June 2006, the two parties reached an agreement to sell both their interests. Again, the details of this agreement were disclosed in a company announcement from South Wharf to the Irish Stock Exchange on 30 June 2006, headlined ‘Agreement re Ringsend Site'. This announcement is also available on the ISE website.
