PAN ANDEAN RESOURCES......Discussion thread

Its little wonder that panandy is doing feck all, theres not enough hours in the day for JT. Another float on the cards??



The Sunday Times - Business



December 28, 2003

Cooley shareholders to be offered exit through AIM
Ciaran Hancock



THE board of Cooley Distillery, the Louth-based whiskey maker, is considering listing on the Alternative Investment Market (AIM) in London in a bid to provide an exit mechanism for certain shareholders.
John Teeling, Cooley’s executive chairman who controls 20% of the business, said a decision would be made by the end of February. “We accept that our shareholders have been loyal to us for 15 years and that the best way to give them an exit might be to float the company,” he said.



Paul Power, a former director who owns about 11% of Cooley, is believed to be seeking an exit from the firm. He has disagreed with Teeling over strategy in recent times and was defeated in his bid for re-election to the Cooley board at its annual meeting in September.

Teeling, however, said he would not dilute his own stake and the flotation would yield little in the way of new funds for the company. Attempts by Teeling to conclude joint venture deals with international drinks companies over the past couple of years have come to nothing.

The final decision will depend on the valuation placed on Cooley’s 9m shares. Based on the price-to-earnings valuations of Glenmorangie, the quoted Scottish whisky maker, and Diageo, which owns the Guinness and Baileys brands, Teeling says the company could be worth between €12m and €18m.

If it goes public, Cooley would be taken to market by Rowan Dartington, its UK-based stockbroker. AIM was chosen over Dublin for any listing because it is cheaper and more flexible, Teeling said.

Cooley’s profits are expected to rise by 25% this year to €1.25m. It sells more than 2.5m bottles of whiskey a year.

Cooley, however, has failed to make inroads into Irish Distillers’ grip on the domestic market, due mainly to a lack of funds for marketing.