PROPERTY DEVELOPER Liam Carroll blocked two resolutions yesterday at Irish Continental Group’s annual general meeting.
The resolutions related to authorisation for a share buyback by the company, and the disapplication of statutory pre-emption rights.
At the meeting in Dublin, a representative for Mr Carroll’s South Morston investment vehicle, which holds the developer’s 29.4 per cent stake in ICG, requested that a poll be held for all the resolutions put before shareholders.
The resolutions that were defeated required 75 per cent approval from ICG investors. Nine resolutions were carried.
Mr Carroll is one of three large shareholding blocks that have wrestled for control of ICG over the past two years. The others are chief executive Eamonn Rothwell, who owns 16 per cent, and the Philip Lynch-led Moonduster consortium, which holds a 25 per cent stake.
Irish Continental Group yesterday reported a steep decline in passenger, car and freight volumes on its ferry services for the first 25 weeks of this year.
Passenger numbers declined by 9.7 per cent year-on-year to 571,000, while the number of cars carried was down 6.6 per cent at 145,500.
In the roll-on, roll-off freight market, Irish Ferries carried 93,700 vehicles, down 23 per cent on the same period in 2008.
ICG said the “challenging trends” outlined in its interim management statement of May 14th had continued up to June 20th.
In May, ICG said group revenues in the first four months of the year had declined by 25 per cent on the same period in 2008.
This was offset by a 24 per cent reduction in operating costs, before depreciation. The reduction in costs comprised lower payroll, fuel, vessel time charter costs and volume-related port charges.
“I reiterate that we are continuing to actively manage our cost base to leave us in a strong position to benefit when the markets in which we operate recover,” chairman John McGuckian said.
ICG said the number of containers lifted at its terminals in Dublin and Belfast was down 29 per cent and 27 per cent respectively so far this year.
