Chairman of Farmer Business Developments, Padraig Walshe, says the scheme will benefit early backers of the company in the 1960s. Photograph: Eric LukeFarmer Business Developments, which owns a 24 per cent stake in FBD Insurance as well as hotels in Ireland and Spain, has more than doubled to €4.4 million the value of a share buyback scheme aimed at buying out farmers who each chipped in typically IR£50 to set up the group in the 1960s.
The share buyback fund was agreed at an agm of the company in June and was originally capped at €2 million, with Farmer Business Developments proposing to pay €1.53 per share. The scheme was inundated with interest from farmers looking to cash in, however, and was oversubscribed by almost 200 per cent with investors looking to sell back about €5.8 million worth of shares.
In total, 490 farmer shareholders are set to benefit from the scheme, which includes an individual payout cap in line with what the typical original £50 investment would be worth today. Of the 490, 421 will have all of their shares bought out, while a further 69 who own more than the cap will have their shares bought back, up to the limit.
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Farmer Business Development shareholders to share €4.4m490 farmers who are shareholders of Farmer Business Development plc, will tomorrow share a €4.4m pay out as a result of a voluntary share buy-back scheme
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