News
Intention to list Origin Enterprises on IEX and AIM
02/05/2007
IAWS Group, plc (‘IAWS’) announces its intention to seek admission for its subsidiary Origin Enterprises (‘Origin’) on the IEX market of the Irish Stock Exchange and the AIM market of the London Stock Exchange.
Origin intends to raise approximately €100m by way of primary issue. The funds will be used for future development opportunities. It is expected that Origin shares will commence trading onto the IEX and AIM in June 2007. Origin will remain a subsidiary of IAWS for the foreseeable future.
In October 2006 IAWS announced its intention to establish Origin thereby creating a specialist focus around the original Agri/Nutrition and Food businesses of IAWS. Origin’s Agri/Nutrition businesses comprise agri inputs (feed ingredients and fertiliser blending) and marine proteins. Origin’s Food activities encompass Shamrock Foods and a 50% interest in Odlum Group.
Origin’s operations are substantial businesses with market leadership in several sectors in Ireland and the UK. Origin’s focus will be to enhance shareholder return through a combination of organic and new investment opportunities. In addition to strong cash flow, Origin’s businesses have the benefit of a substantial operating asset base including a number of significant properties with development potential located in areas destined for future development and regeneration.
Turnover attributable to the Origin businesses for the year ending 31 July 2006 was €817m. EBITDA generated by the businesses during the same period amounted to €42.0m and Origin’s share of the profit after tax from its associates was €4.4m.
The Board of Directors of Origin will comprise two executive and three non-executive directors. The executive directors are Tom O’Mahony, CEO of Origin and formerly COO of IAWS and Brendan Fitzgerald, CFO. Origin’s non-executive directors comprise, as non-executive Chairman, Owen Killian (IAWS CEO) and Patrick McEniff (IAWS CFO). In addition, Hugh Cooney has agreed to become an independent non-executive director upon the admission of Origin. Mr. Cooney is head of Corporate Finance in BDO Simpson Xavier. He also serves as non-executive Chairman of Siteserv plc and is a former Chairman of Conduit Ltd.
Davy is acting as AIM nominated advisor, IEX advisor and broker to Origin.
Commenting on the proposed admission to IEX and AIM, Tom O’Mahony, Chief Executive of Origin said:
'The expertise of our management team combined with an injection of equity funding and admission to IEX/AIM will facilitate a renewed commitment to growth. Origin is now well positioned to pursue development strategies appropriate to the needs of each business.'.
Commenting on the proposed admission of Origin, Owen Killian, Chief Executive of IAWS said:
'Origin comprises businesses with scale, leading market positions and strong brands. In addition it has the benefit of a number of significant property assets. A listing by Origin supports both the future development of the businesses and the company’s profile. We have a focussed, experienced and incentivised management team which will ensure that Origin is well placed to enhance future value for
its shareholders.'
Ends.
For further information please contact:
IAWS Group, plc
Patrick McEniff,
Chief Financial Officer
Tel: +353 1 612 1379
Origin Enterprises
Tom O’Mahony,
Chief Executive Officer
Tel +353 1 612 1259
Davy
Ivan Murphy
Tel: +353 1 679 6363
Murray Consultants
Joe Murray
Tel: +353 1 498 0300
Mobile: +353 86 253 4950
