BoI shareholders pass NAMA
WITH 99 per cent of the votes cast in favour of the resolution, Bank of Ireland is to apply to become a participating institution in NAMA. A special shareholders meeting convened in Dublin this week overwhelmingly showed their support for the government led initiative.
However, shareholders were said to have vented their anger at the position the bank now finds itself where it will transfer €16 billion in distressed developer loans to the State’s “bad bank” and at the loss in share value in dividends.
Bank of Ireland said it expects to receive a 30 per cent discount on the loans transferred.
Cold snap cost millions
IBEC estimates that the total value of economic output lost last week during the freezing weather was around €700 million: €500 million in the services sector and €200 million in the manufacturing sector.
It said that 84 per cent of survey respondents said that the response of national government was inadequate, while 69 per cent of respondents said the response of local government was inadequate.
Retail Ireland said that the impact of the recent bad weather on the retail sector has found that retailers had experienced a massive 38 per cent drop in sales. It said most hit were non-food retailers and that the New Year sales were hugely disrupted.
Komplett to sell Irish web store
INTERNET retailer Komplett ASA said it will sell its operations in Ireland, the Netherlands and Belgium. The company signed an agreement this week with ParaDigit Holding B.V. in the Netherlands for the sale of all shares in Komplett B.V. The sale is expected to take place by April 1st, and Komplett ASA has the option to buy the stores back in three years.
As part of the deal, ParaDigit Holding has signed a licence agreement allowing it to continue to use the Komplett name on the three stores.
Liquidator appointed to Ladybird
A PROVISIONAL liquidator has been appointed by the High Court to a company selling the “Ladybird” brand of children’s clothes in eight outlets, employing 65 people, including one store at the Crescent Shopping Centre in Dooradoyle. The application came from Copper Alley Clothing Ltd, which operates seven Ladybird retail outlets at major shopping centres, who sought a provisional liquidator after encountering serious trading difficulties in the last year. Including its Limerick arm, the company operate at Arnotts, Blanchardstown and Liffey Valley in Dublin, Mahon Point and Wilton in Cork, Whitewater in Newbridge, the Pavilions in Swords, Co Dublin. The recently closed a ninth outlet at Dundrum shopping centre last November. Tom Kavanagh of Kavanagh Fennell was appointed as provisional liquidator and the matter was made returnable before the High Court next month.
