Yearly Archives: 2014
You asked for it.
A comprehensive,fact-laden and intrigue-drenched update on the Irish Water timeline we posted back in January.
The original timeline, which began life as a response to some ‘legals’ from you know who and focused on the Siteserv deal, is now expanded to 8,154 words and include the much-bungled events of the last 10 months.
If you only read one exhaustive account of how not to set up a utility company today make sure you consider this one.
November 15, 2006: Construction services company Siteserv, which provides fencing and scaffolding, raises almost €10.5million from its flotation on Dublin’s IEX market and the Alternative Investment Market (AIM) in London. Its share price jumped 36 per cent from 0.55c to close its first day of trading at 0.75c. The company’s market capitalisation was approximately €51 million. Siteserv was founded in 2004 by chief executive, Brian Harvey. It has also received backing from Niall McFadden of Boundary Capital. Siteserv acquired Donohue Scaffolding in early 2006. It also owns Rent-A-Fence which provides temporary fencing and barriers to the construction and event management sector.
December 1, 2006: Siteserv announces the acquisition of Holgate Fencing (Ireland) in a cash and shares deal worth up to €19million – its first acquisition as a listed company. Holgate is described as a leading supplier and installer of motorway/road crash barriers and environmental acoustic barriers to the Irish market.
December 6, 2006: Goodbody Stockbrokers names Siteserv as one of three small stocks which it predicts will be leading contenders to deliver value in 2007.
December 22, 2006: Siteserv buys formwork and scaffolding provider Easy Access for €20million.
January 5, 2007: Siteserv leads the Dublin market with shares in the scaffolding and fencing firm soaring almost 18pc in early deals.
January 12, 2007: Siteserv appoints Kevin Gallen as chief financial officer and company secretary.
January 22, 2007: Siteserv posts interim pre-tax profits that rose more than 500% to €2.55million for the six months to October, 31, 2006. It said its revenues grew more than 600% to €16.28million.
July 16, 2007: Siteserv posts pre-tax profits of €5.3million for the year ended April 30, 2007, up from €600,000 in 2006.
August 12, 2007: It emerges that Siteserv’s board has agreed that the resignation of Kevin Gallen, as chief financial officer and company secretary “should be accepted with immediate effect”. Siteserv’s share price drops back down to the flotation price of 0.58. It’s reported this is due to nervousness surrounding the construction sector.
September 6, 2007: Siteserv buys Sierra Communications, a provider of services to the power, telecommunications and civil engineering markets in Ireland, for €46million. It’s customers include NTL, ESB and Sky. Deal involves €41.4 in cash and €4.6 in shares.
September 7, 2007: It’s reported the acquisition will be financed mainly through additional borrowings of €42.9million. Siteserv also announces it had agreed banking facilities of €115million.
September 14, 2007: It emerges that former chief financial officer of Independent News and Media, Colm Nolan, is Siteserv’s new chief financial officer.
October 16, 2007: Competition Authority formally approves Siteserv’s purchase of Sierra.
Olaf Tyarensen’s ‘Portrait’, part of a trilogy of short films has been shortlisted for the Ó Bhéal International Poetry-Film Award.
Portrait is a brief meditation on two of the biggest dangers facing a journalist with literary aspirations – alcohol and procrastination. It opens as he has just written the first two pages of a book that he hopes “will make her proud and them jealous.” It ends years later with him regretfully throwing them away, having never completed the work.
Winner to be announced on October 19.
Olaf Tyaransen film shortlisted for O’Bheal Award (Hot Press)
Previously: Two Pages Two Drinks
It’s Here
at
13 days in review.
36 hours to appear in the App Store.
But it’s here – the fix for the iOS app bug we asked for your help with.
The app should auto-update itself or you can go to the App Store and download the update directly.
Thanks for your help and patience.
Snared
at
This afternoon
Carlosfandango writes:
“The clamper took note of the promotions vehicle on South William Street [Dublin]. Advertising Works……but not always in your best interests.”
‘sup?
A female Springer found with a broken front left paw (now treated) in Stillorgan, Co Dublin last night.
Anyone?
Currently up in Dublin Spca in Rathfarnham, Co Dublin.
MEAS Appeal
at
Eamon Gilmore TD with Fionnuala Sheehan, Chief Executive of drinkaware.ie
Senator David Norris raised the appointment of Fionnaula Sheehan, Chief Executive of drinkaware.ie and chairperson of MEAS to the board of RTÉ.
According to the latest issue of The Phoenix, the Oireachtas Communications committee met in secret in July to propose and endorse nominees to the RTÉ Board. A working group was set up to process expressions of interest for the RTÉ board and it too met in secret. The Phoenix reveals the Oireachtas members in the working group.
With The Phoenix in hand, the Senator called for Minister Alex White to reject her nomination.
We’ll drink to that.
Previously: No Black Stuff Need Apply
File pic: Sasko Lazarov/Photocall Ireland
This image is shared among ISIS-supporters. Interesting how #ISIS views itself&who they consider enemies. Check flags pic.twitter.com/LkCTFH54Xx
— Harald Doornbos (@HaraldDoornbos) October 9, 2014
Defiant tricolour!
Anyone?
Thanks AuroraBorealice
https://www.youtube.com/watch?v=m9Zhs_e8ts8
“Minister, there would be some unease about the fact that Denis O’Brien’s close political links may have been instrumental in his bid to buy Siteserv, the company that won the State contract to install water meters for Irish Water.
“I think the idea that powerful businessmen with close ties to the establishment still end up profiteering from decisions made by governments or semi-State bodies must be a worry for this Government as you promised that things would be different.”
“The very nature by which this gentleman ended up in possession of Siteserv is very questionable. He did a deal with IBRC where €100m of debt that Siteserv owed to IBRC, which was really the taxpayer, was wiped off….”
“…two higher bids for the company that would have earned the State more money were rejected and a former Fine Gael minister [Alan Dukes] was chairman of IBRC at the time the deal was approved”.
Independent TD Mick Wallace in the Dáil under privilege (*blows raspberry*) today.
“I think that is a very worrying set of assertions as opposed to a question…That politicisation of the public procurement system would be quite improper and unlawful … Bluntly, considering the deputy’s position, I am surprised at some of the assertions he has made.”
Minister Brendan Howlin responding.
Wallace says O’Brien’s Siteserv bid ‘questionable’ (RTÉ)
Previously: Denis O’Brien and That Siteserv Deal