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.
United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: IrishTimesBiz - 🏆 6. / 77 Read more »
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
Source: RTEbusiness - 🏆 16. / 61 Read more »