Irish Ferries Fleet movements

Started by Collision-course, January 05, 2010, 02:52:47 PM

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giftgrub

#2641
July 29, 2026, 01:59:48 PM
Have been reading up on the Management buyout of ICG and it reads more like a private equity takeover of the company, (not a financial expert) they will be borrowing 1.2 billon which will fund the takeover and this will obviously go into the company as debt secured against the assets.
While the existing management are more than capable of managing the company the need to pay back the debt will restrict their flexibility in expanding / investing in the business, also as they run a low cost operation you cannot squeeze much more out of the company.
Similar private equity takeovers in the UK of supermarkets Morrrisons and Asda, saw relatively debt free successful businesses taken over and then billions of debt taken onto the balance sheet, stopping both businesses investing in the core operations and struggling to pay the debts off, we have interesting times ahead.

IFPete

#2642
July 29, 2026, 07:42:54 PM
Taking the company private prevents a hostile takeover as they say they need to go private to take the business to the next growth stage. 

Kieran

#2643
July 30, 2026, 08:57:19 AM Last Edit: July 30, 2026, 11:07:56 AM by Kieran
Taking the company private makes sense if you actually analyse it. A company that is publicly traded needs to remain profitable with a strong margin. In theory, if it's privately owned (by the correct organisation), they would prioritise long term returns (the implication the market is undervaluing the business, would support this)...that said, it could also be used to further restructure the organisation.

Transport is tricky, massive capital investment is needed, and the returns on that take decades.

IFPete

#2644
July 30, 2026, 09:40:20 AM Last Edit: July 30, 2026, 02:51:58 PM by IFPete
Blackrock has a great reputation for growing businesses. Their business investments are normally for 5 to 8 years.

If ICG wanted to expand by taking over other private companies they could do this without scrutany and competition from the stock market.

giftgrub

#2646
August 01, 2026, 07:56:06 PM
And some more

https://www.irishtimes.com/business/markets/2026/07/31/icg-chief-prepares-to-cast-off-on-bluefin-deal-in-121bn-bid-to-take-over-ferry-operator/


Some highlights

Mr Rothwell seems to be getting over €80 million for the bulk of his shares, the other directors involved €2 million and balance of equity going into the deal.

The funding is being borrowed at 11-13 percent, estimated Debt repayment for the new company will be in the region of €100 million per annum, approximately €90 million increase on repayment for ICG.


ferryfan

#2650
August 24, 2026, 11:34:13 AM
Interesting line buried in the ICG half year report:

"The Group has been served a termination notice of its space charter agreement by P&O Ferries on its Dover-Calais route. The Group is currently evaluating its options."
I wonder when they were served this "notice" and if it has any bearing on the decision by Rothwell & co to launch the buy out bid? stinks of fish!

ferryfan

#2651
August 27, 2026, 11:15:54 AM
The votes are Not all in ICG postponing the planned EGM on 28th August they have not reached the 75% threshold of votes they require to proceed with resolutions related to the buy out so are giving the shareholders more time to make their minds up
press release:
https://otp.tools.investis.com/clients/uk/icg2/rns1/regulatory-story.aspx?cid=500&newsid=2096708
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