Shareholders in listed company Readymix have voted to sell the 38% slice of the company not owned by Cemex to the Mexican construction giant. Some 96.9% of eligible shareholders who voted, which excluded the Cemex shareholding, voted in favour of the sale which will see shareholders receive €0.25 for each share held. Readymix is expected to delist from the Irish Stock Exchange on 9 May. The company was founded in 1965, with Cemex taking a majority shareholding in the Irish company in 2005 following its pur
Shareholders in listed company Readymix have voted to sell the 38% slice of the company not owned by Cemex to the Mexican construction giant.
Some 96.9% of eligible shareholders who voted, which excluded the Cemex shareholding, voted in favour of the sale which will see shareholders receive €0.25 for each share held.
Readymix is expected to delist from the Irish Stock Exchange on 9 May.
The company was founded in 1965, with Cemex taking a majority shareholding in the Irish company in 2005 following its purchase of the London-based RMC group.
Readymix has seen its share price plummet in recent years in tandem with the construction collapse in Ireland.
At yesterday’s extraordinary meeting to vote on the deal, Readymix’s non-executive chairman Adrian Auer defended Cemex’s management of the company, noting that it had succeeded in getting working capital down to negative and had provided a global IT system at a fraction of its cost.
“Because of the collapse in the market, revenues have gone down from €200 million to €40 million. That cannot sustain the overheads required to manage a national organisation.”
Cemex has closed more than half of its plants across Ireland, and reduced its staff numbers from about 1,300 five years ago to 260 nationwide.
