Latest news with #MichaelCarvill
Irish Times
15-05-2025
- Business
- Irish Times
Former Kenmare CEO Carvill secures second extension to make bid for firm
Kenmare Resources former managing director Michael Carvill and an Abu Dhabi private equity firm have been given second extension to at least announce a firm intention to make a bid for the titanium minerals miner. The Irish Takeover Panel had originally set an April 17th deadline for the duo to make a move, after their initial indicative offer of £5.30 per share – or £473 million (€547 million) in total – was rejected by the company, which Mr Carvill founded in 1986 and led until his exit last August. The time period was subsequently extended to close of business on Thursday. However, Kenmare said on Thursday morning that the Irish Takeover Panel has agreed to another extension of the so-called put-up or shut-up deadline, to June 20th. 'In order to facilitate ongoing discussions with the consortium and to provide additional time for the consortium to progress its due diligence, the board has requested, and the Takeover Panel has consented to, an extension to the date by which the consortium is required to either announce a firm intention to make an offer for the company or announce that it does not intend to make an offer,' Kenmare said. READ MORE [ Michael Carvill knows value of Kenmare's Mozambique mine more than anyone. Is he ready to pay up? Opens in new window ] 'There can be no certainty that any firm offer will be made, or as to the terms of any such offer, should one be made. A further announcement will be made as and when appropriate.'
Irish Times
28-04-2025
- Business
- Irish Times
Rate cuts may spur Irish stock market launches
Continued interest rate cuts could spur Irish companies to float on the stock market, experts say. The number of companies launching on global stock markets for the first time grew by 20 per cent to 291 in the first three months of the year, a report published on Monday shows. However, Fergal McAleavey, corporate finance partner with accountants EY , the report's publishers, says activity in the Republic is more subdued. Companies here more generally raise private capital from investors or to allow shareholders in businesses to cash out, he notes. 'While the immediate landscape appears quite unsettled, continued interest rates cuts by the European Central Bank , together with more market stability in Europe could spur activity here in the domestic market,' he says. READ MORE The European Central Bank is widely expected to cut rates further this year after reducing them by a quarter of a percentage point this month. Interest rate cuts are generally regarded as good for stock markets as they encourage investors to seek assets that give higher returns than cash. However, indications are that the Irish Stock Exchange continues to face defections. Just weeks ago, Dalata Hotel Group said it had hired financial adviser Rothschild & Co to work on a review of its options to raise capital and boost value for shareholders. The same firm is advising titanium miner Kenmare on the bid by its former managing director Michael Carvill and private equity investor Oryx Global Partners to buy that listed company. These moves could end with both companies reverting to private status and leaving the Irish Stock Exchange. The Dublin market has suffered several high-profile departures in recent years. Paddy Power owner Flutter Entertainment, packaging giant Smurfit Westrock and building materials behemoth CRH all decamped to the New York Stock Exchange. Flutter and CRH said their moves reflected a focus on their US markets, and the fact that Wall Street lures huge amounts of capital, making it attractive for large companies. However, turmoil sparked by US president Donald Trump's tariffs and trade policies have increased fear that investors there may rein in activity. Mr McAleavey notes that the volatility had prompted a number of high-profile companies to shelve stock market launches. The Irish Stock Exchange, now called Euronext Dublin , is working to establish a Euronext Access market in Dublin, similar to ones operated by the wider Euronext Group in Paris, Brussels and Lisbon. It is anticipated that the 'springboard' market for small companies will be launched by the middle of this year, as the exchange seeks to reboot listings.
BBC News
13-03-2025
- Sport
- BBC News
Gambling: Irish League player's addiction was 'like a disease'
An Irish League footballer has described how his battle with a gambling addiction resulted in him losing his house, car and the breakdown of his Hogg, 37, said he wanted to share his story about addiction so others involved within the game can have the confidence to seek said at the height of the problem his life "absolutely revolved around roulette".It follows a warning by Michael Carvill of the Professional Footballers' Association of Northern Ireland (PFA NI) that the gambling problem within the game here is an "epidemic". Hogg currently plays for East Belfast side Dundela in the NIFL Championship and has had a two decade career playing for the likes of Carrick Rangers, Glentoran and told BBC's The Nolan Show that his early forays into gambling involved wagering on horse racing and sports bets. Aaron said he did not believe his gambling became a problem until he was introduced to online casino-style games through a free bets promotion, winning over £10,000 in a short period."I had never played roulette before. I had never played blackjack, so when they gave me that money, I then went into the casino and I won a five figure sum within about 20 minutes," he said."That was the biggest win that I had gambling before, and in my head, it switched to, why spend 90 minutes watching a football match? Why spend two hours picking three horses when you can hit a button and watch a ball around?"And that's when my life was just absolutely revolved around roulette." 'It's destroying people' The Belfast man has not gambled in more than six said that during the early part of his career he did not have a solid support network when things got bad for founder of PFA NI Michael Carvill said Aaron's story is not a unique case within Northern Ireland number of players who have reached out to the PFA NI with concerns around gambling issues took Carvill "by surprise"."What we're seeing is that players are obviously growing up in a culture of sport where gambling is kind of the norm", said the former footballer."But now it's online. It's destroying people".Michael Carvill said that support, such as counselling, is available through the PFA NI for players who are you've been affected by a gambling addiction there's information about help and support available on the BBC Action Line.
Bloomberg
06-03-2025
- Business
- Bloomberg
Miner Kenmare Rebuffs Takeover Attempt by Former Executive
Kenmare Resources Plc shares surged by more than 50% after the titanium minerals producer rebuffed a takeover offer made by a former executive at a hefty premium. The Dublin-based miner's board unanimously rejected a non-binding proposal from a consortium comprised of Oryx Global Partners and former managing director Michael Carvill at 530 pence per share, saying it 'undervalued Kenmare's business and its prospects,' according to a Thursday statement.
