NTR shareholder Pageant Holdings is reported to have raised concerns about corporate governance at the renewables group. According to the Sunday Times, the investment vehicle run by businessman Nick Furlong said it had "repeatedly notified" its concern over perceived conflicts of interest to the board. The group is scheduled to hold an annual meeting of shareholders this week as differences between major shareholders continue.
Eircom flotation
Eircom is set for another flotation as interest from potential trade buyers and private equity houses fades, according to the Sunday Independent. It says that unless a trade or private equity buyer emerges shortly, the company will push ahead with its third flotation – and ninth change of ownership – in 15 years.
Any sale of the former State telco, which last week reported annual losses of €333 million attributed to the latest round of restructuring costs, would deliver a profit for its current private equity owners who tok control of the group as part of its exit from examinership. Proceeds of any flotation or sale would also go to pay down part of its current €2.3 billion in debt.
Semi-State pay
Pay at 10 of Ireland's commercial semi-State enterprises jumped by an average of more than 5 per cent over the past five years, according to a report in the Sunday Business Post. It says the rises come in a period when the average industrial wage fell by 9 per cent and many public sector workers took a 6.5 per cent pay cut alongside cuts in pensions.
The 10 “winners” include RTÉ, Bord Gáis, Bord na Móna, Dublin and Cork ports and the Dublin Airport Authority, as well as Dublin Bus and Iarnród Éireann. However, the average is distorted by a 26.4 per cent rise in earnings at Coillte.
Workers at the ESB, An Post, EirGrid, Horse Racing Ireland, the Irish Aviation Authority and Bus Éireann have seen their wages cut over the same period, the paper notes.
Tech discussions
Waterford-based technology group Feedhenry is in advanced discussions with a multinational in the sector that could deliver a multimillion euro windfall for early stage investors, the Sunday Independent reports.
Tesco troubles
As former Unilever executive Dave Lewis sets about getting Tesco back on track after its second profit warning in as many months, the Sunday Telegraph says the retailer's seventh-largest investor has substantially sold down its stake. Harris Associates chief executive David Herro said there were too many unknowns at the retail giant, which has been losing market share consistently in recent times, to justify "a big position".
