Tag Archives: Irish Water timeline

IrishWater_Mark_Colour_border

Siteserv-6897

On foot of Friday’s legal matter it was suggested (over a strong brew) that Bodger we compile a comprehensive timeline to support the decision to post the (since removed) post.

The timeline, we were told. must include the creation of Irish Water and a detailed history of Siteserv as they “pertain” to Denis O’Brien & Phil Hogan AND only using available material from “reputable” periodicals.

“Ah here,” we enthused.

Behold then: The ridiculousy-long Irish Water/Siteserv/Denis/Phil timeline.

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.

Continue reading