One51 cancels planned IPO
Environmental services and plastics operator One51 surprised the market last night when it cancelled a planned IPO due to pressure from shareholders.
The Dublin-headquartered company has proposed adjourning indefinitely an EGM scheduled next week, at which it was expected the board would seek shareholder approval to proceed with an IPO and subsequent listings on the London and Dublin stock exchanges.
In a statement One51 said that “following consultation with certain shareholders, the company today announces that it has determined not to proceed with the business of the EGM at this time”.
It added the scheduled 21 April EGM has been adjourned indefinitely “to allow for further consultation with shareholders and consideration of alternative proposals, which include an IPO or a Listing at a future date”.
IIU is the largest shareholder in One51 with a stake of around 23%.
