Sunday, January 04, 2009

Shane Ross to lead bank shareholder revolt

In today's Sunday Independent, Shane Ross is hoping to reprise his Eircom success by leading a shareholder revolt at AGMs of the various banks.

Would there be any chance the bould Shane would lead a shareholders revolt in Waterford Wedgewood and Independent News & Media.

Both companies, chaired by Sir Anthony – and he’s also the largest shareholder – have suffered a huge decline in value in recent years.
Waterford Wedgewood shares now trade at one-tenth of a cent per share! They were valued at over €1 within the past decade.
Indo shares trade at 42c, down about 90% from their 2006 high.

Shane will surely urge shareholders in both those companies to go to the AGMs and demand a boardroom clear-out, as Sir Anthony's enterprises now rival the banks when it comes to lousy share performance.

For some reason, I’m not holding my breath on this one.

Footnote: Aired by Marian Finucane on her RTE radio programme.

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