An Irish bank has secured the rights to over half of the 29.9% stake in convenience foods group Greencore owned by property developer Liam Carroll.
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The entrepreneur, who reportedly owes around EUR1.2bn (US$1.69bn), has seen Ulster Bank, one of his creditors, gain control of a chunk of his shareholding in Greencore.
Ulster Bank has secured the rights to 15.9% of Greencore, meaning that Carroll can no longer exercise the voting rights linked to the stake without the bank’s approval.
Reports in Ireland suggest that Carroll will ask the country’s High Court to ask for creditor protection for some of his companies on Thursday.
Officials at Ulster Bank refused to be drawn on Carroll or Greencore, while the food maker declined to comment.
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By GlobalDataGreencore shares were down 1.6% to EUR1.25 at 12.30 today (18 August).
Last week, Greencore said improving sales in the UK had helped boost group revenues in the four months to 24 July.
