Denis O’Brien
“The consideration for Siteserv Holding Ltd’s acquisition of the Siteserv assets and business from Milliington was €45.4m. This was financed with shareholders’ equity of €12m and loan finance from AIB.
“In the period from June 2012 to April 2013, SHL drew down €32.4m from the bank in loan and overdraft finance and repaid €3m. So effectively O’Brien and his fellow shareholders got control of Siteserv using just €12m of their own cash.”
How Has Siteserv Fared Since Denis O’Brien Took It Over? (Business Plus)
Meanwhile…
“If Michael Noonan is serious about reviewing loan transactions where significant writedowns have occurred, then there should be a similar review of a reasonable sampling of transactions at Nama – as well as AIB, for that matter.”
Mike Aynsley, former CEO of IBRC
Mike Aynsley interview exclusive: “I’m disappointed and outraged” (Tom Lyons, Sunday Business Post)
Yesterday: Timeline To A Killing
Ah sure, why don’t we leave Denis alone. He’s creating jobs for everyone, he’s making Haiti a much better place, he’s totally not corrupt and he gives a hell of a lot to charity, and not in order to save his damned soul.
And he’s keeping our carbon footprint down by not living here, conscientious fella
I don’t know the details of all this, but the first point (just €12m of their own cash….) is just standard business practice of using debt finance.
This isn’t relevant at all – debt financing is a pretty standard method of financing acquisitions.
Hey why not post that again a few times, just rephrased and with a couple of more user names.
If you’re suggesting that I am “That was a Stupid Point” you are wrong.
Perhaps more than one person has made that point because it’s correct.
Never spend your own money.
Bank lends rich guy money to buy stuff; he’s really rich, so they figure he is probably a good bet.
What a scoop!!
Yeah because it’s that simple isn’t it.
So many little cheerleaders for DOB on here every time there’s a relevant post, all probably have DOB Pajamas and mugs but are actually just cheap suited salesmen with no hope of ever becoming rich.
Why don’t you enlighten me then as to which nefarious element I have failed to pick up on about a man who owns several businesses borrowing money from a bank to buy another business.
Mr T – you really don’t understand debt financing at all, do you?
I promise you, it’s a really common, not dodgy thing that businesses do.
I’m not saying anything about DOB or this Siteserv deal, just that you’re wrong on this point.
If only there was some way Joe Public could buy stuff by only putting in 25% of his or her own money. Like houses and cars and holidays and stuff.
+1
Who owns AIB again? Oh yeah it’s the same folks that used to own IBRC