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Thread: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer ( Siteserv)

  1. #31
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    Default Re: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer

    Still waiting to see the merest hint of a question over this deal in the main stream media.

  2. #32
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    Default Re: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer

    Quote Originally Posted by PaddyJoe View Post
    Still waiting to see the merest hint of a question over this deal in the main stream media.
    Fine Gael's favourite stepchild will not be criticised in Mahon Tribunal week.

    And he will never be questioned by the media outlets he owns
    Politics is the gentle art of getting votes from the poor and campaign funds from the rich, by promising to protect each from the other. ~Oscar Ameringer

  3. #33
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    Default Re: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer

    Nice and succinct from Broadsheet:
    http://www.broadsheet.ie/tag/siteserv/

  4. #34
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    Default Re: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer

    The Altrad group a French Company which owns several companies specialising in the same business area as siteserv has said it had been prepared to offer €60 million for siteserv but an Altrad representative was told that siteserv was not for sale.

    On January 16th, Siteserv issued a statement indicating it was exploring “strategic and corporate options” for discussion with IBRC. Its debts to the bank are due for repayment by the end of this year.

    Mr Neilson said he was aware of the announcement. But when he contacted the company after its publication in January he was told it was released to counter media speculation. Since the deal was announced, he has been in touch with the IBRC.
    http://www.irishtimes.com/newspaper/...314233936.html
    Thomas Jefferson : Banking Establishments are More Dangerous to our Liberties than Standing Armies.

  5. #35
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    Default Re: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer

    Quote Originally Posted by ang View Post
    The Altrad group a French Company which owns several companies specialising in the same business area as siteserv has said it had been prepared to offer €60 million for siteserv but an Altrad representative was told that siteserv was not for sale.
    ça change, plus c'est la même chose ...
    Do not rejoice in his defeat, you men. For though the world has stood up and stopped the bastard, the (female dog) that bore him is in heat again. Bertolt Brecht

  6. #36
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    Default Re: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer

    This thing stinks to hight heavens. When are Alan Dukes and Mike Aynsley going to be asked if they signed of on it and if not who did? The Public Accounts Committee need to get to the bottom of this.

  7. #37
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    Default Re: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer

    Quote Originally Posted by PaddyJoe View Post
    This thing stinks to hight heavens. When are Alan Dukes and Mike Aynsley going to be asked if they signed of on it and if not who did? The Public Accounts Committee need to get to the bottom of this.

    Sweet mother of divine f--k.

    <Mod CF>
    Last edited by C. Flower; 06-04-2012 at 03:06 PM.

  8. #38
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    Default Re: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer

    Quote Originally Posted by PaddyJoe View Post
    When are Alan Dukes and Mike Aynsley going to be asked if they signed of on it and if not who did? The Public Accounts Committee need to get to the bottom of this.
    Anglo CEO Mike Aynsley was interviewed on Newstalk last week by Jonathan Healy, and also on RTE. Neither station asked him to explain why he was writing off €100million owed to them by Denis O Briens profitable SiteServe company.

    Is RTE in on this as well? Its disgusting!

  9. #39
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    Default Re: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer

    Quote Originally Posted by Satoshi Nakamoto View Post
    Anglo CEO Mike Aynsley was interviewed on Newstalk last week by Jonathan Healy, and also on RTE. Neither station asked him to explain why he was writing off €100million owed to them by Denis O Briens profitable SiteServe company.

    Is RTE in on this as well? Its disgusting!
    Mike was allowed airtime to explain why he deserved his salary (€866,000 for 2011)

    Fair value for the ordinary Irish Citizen was not discussed.
    Thomas Jefferson : Banking Establishments are More Dangerous to our Liberties than Standing Armies.

  10. #40
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    Default Re: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer

    The deal gets more shocking with every new piece of the jigsaw that comes out Today its Arthur Cox acting for both Siteserv and Millington in the purchase:
    It emerged yesterday that one of the Republic’s biggest commercial law firms, Arthur Cox, acted for Siteserv and Millington in the deal.
    The firm is a long-time adviser to Siteserv, but Mr O’Brien’s company specifically asked that it be represented by one particular Arthur Cox partner.
    The law firm referred the matter to an internal committee that deals with conflict of interest issues. It gave the go-ahead to act for both sides, but the clients had to agree to a number of terms and conditions. One of these was that, in the event of a dispute, Mr O’Brien’s firm would have to recruit another law firm to advise it
    http://www.irishtimes.com/newspaper/...314296978.html

  11. #41
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    Default Re: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer

    Leslie Bucklley, O'Brien's right hand man has been wheeled out to defend the Siteserv deal.
    Mr Buckley told The Irish Times yesterday: “There were quite a number of offers for the business, which went through a very competitive process as I understand it. The process was very well run by KPMG and Davy and maybe you should talk to them about it.”
    It also emerged this week that law firm Arthur Cox advised both Siteserv and Millington. “That’s fairly normal,” said Mr Buckley, who is investing nearly €2 million in the deal.
    He doesn't deal with the fact that O'Brien insisted that a certain Arthur Cox partner should represent their takeover vehicle.
    French-based Altrad, which approached Siteserv informally a number of times, said this week that it would have paid €60 million for the company, but claimed chief executive Brian Harvey said it was not for sale.
    Mr Harvey said yesterday that he did not, at any stage, tell Altrad that Siteserv was not for sale. Siteserv issued a statement saying Altrad never formally approached it. The statement acknowledged that it received an informal approach from a subsidiary, Belle Group.
    Apparently there were four contacts from a senior Altrad executive to Siteserv according to yesterday's IT report.
    Private equity firm Anchorage made a bid which was higher than O'Brien's but that was refused for reasons that remain unexplained. However, O'Brien was given the right to exclusive talks with Siteserv at that stage.
    Buckley makes the jobs argument and says there would have been job losses if the sale hadn't been decided on quickly.
    However, a huge outstanding question is why IRBC decided that Siteserv would have to pay all its debt by the end of 2012.
    This was a profitable company and the debt could have been restructured over a much longer period.
    The effect was that the company was forced in to a situation where it had to be sold.
    Who in Anglo decided that forcing a sale and writing off 100 million euro of debt owed to the Irish taxpayer was the best outcome?
    http://www.irishtimes.com/newspaper/...314348428.html

  12. #42
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    Default Re: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer

    Glad to see the Irish Times chasing this story. They have gone up in my estimation.

  13. #43
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    Default Re: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer

    Quote Originally Posted by PaddyJoe View Post
    Who in Anglo decided that forcing a sale and writing off 100 million euro of debt owed to the Irish taxpayer was the best outcome?
    Who indeed..
    Politics is the gentle art of getting votes from the poor and campaign funds from the rich, by promising to protect each from the other. ~Oscar Ameringer

  14. #44
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    Default Re: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer

    Altrad has now formally lodged a €60m offer for Siteserv with Davy Corporate Finance and KPMG Corporate Finance, according to Ray Neilson, one of their senior directors.
    It's thought that he will be attending the Siteserv EGM tomorrow.
    Mr Neilson told the Irish Independent that Altrad has emailed a formal offer for Siteserv to Davy Corporate Finance. The offer is addressed to Siteserv chairman, Hugh Cooney.

    Mr Neilson said Altrad has also filed a complaint regarding the sales process with the Irish Competition Authority, and that the French firm also intends to file a complaint with the Office of the Director for Corporate Enforcement.

    However, despite Altrad's manoeuvres, Mr O'Brien's deal to buy Siteserv is effectively a done deal bar official regulatory approval. About 70pc of Siteserv shares have already been voted in favour of the sale. Mr Neilson accepted that it would be next to impossible to reverse the agreed sale.
    http://www.independent.ie/business/i...h-3070105.html

  15. #45
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    Default Re: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer

    The Siteserv EGM today(Thursday) could be interesting;
    Businessman Denis O’Brien is poised to buy Siteserv for €45 million through an Isle of Man company, Millington, in a deal that has to get the backing of shareholders at an extraordinary general meeting (egm) in Dublin today.
    Since the deal was announced in the middle of last month, it has emerged that other organisations were prepared to pay more than €45 million for the business.
    Australian private equity fund Anchorage indicated that it was willing to pay €52 million, but was told shortly afterwards Siteserv was in exclusive talks with Millington.
    French group Altrad, which says it would have offered €60 million, claims it was told informally that Siteserv was not for sale.
    Altrad’s representative, Ray Neilson, who says he contacted Siteserv chief executive Brian Harvey several times with a view to making an offer for the company, is due to attend today’s EGM
    http://www.irishtimes.com/newspaper/...314387589.html

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