This article is from page 10 of the 2006-04-25 edition of The Clare People. OCR mistakes are to be expected so download the original SWF or the rendered page 10 JPG
SHAREHOLDERS in Clare FM have been given the opportunity to make a profit of 50 per cent on their original investment in the company 14 years ago. The company is proposing to pay €2 per share to the over 500 shareholders, who purchased shares at €1.27 each.
The shareholders are to hold an extraordinary general meeting of Clare Community Radio Holdings plc at the Temple Gate Hotel, Ennis, on May 9.
In correspondence circulated by the board, shareholders are given the option of retaining their investment, or securing the return on their investment. The board has told the shareholders that the funds available for share buy-back purposes are limited.
Some of the Clare’s best known personalities are small shareholders in the station. They include Fr Harry Bohan, Junior Ministers, Sile de Valera and Tony Killeen; Ennis Town Mayor, Frankie Neylon; Cllr Madeleine Taylor Quinn (FG), Cllr Christy Curtin (Ind) and former Labour TD, Dr Moosajee Bhamjee.
The Diocese of Killaloe, Clare County Council and the Clare GAA also contributed to the 1992 fundraising drive.
The Galvin family that own the Clare Champion newspaper have a significant shareholding, with Flan Galvin sitting on the board.
In all, the 530 small shareholders who bought into the company in 1992, make up a minority 15 per cent of the total 391,792 shares.
The returns show that Chairman, Michael Evans, has 17,500 shares with Managing Director, Liam O’Shea holding 20,365 shares.
However, one of the small shareholders concerned, Dr Bhamjee, confirmed to The Clare People that he would not be selling his shares.
“I believe that the price of €2 is too low. Also, I haven’t been provided with up-to-date financial accounts of the company.
“A number of local radio stations have been bought out in the recent past and Clare FM itself could become a target in the near future, so I believe that it would be better to hold out where a much higher price would be secured in the event of a take over.”
Last year, Clare FM experienced a drop in profits due, in part, to rising staff costs at the station.
The figures show that to the end of 2004, Clare FM secured a profit on €92,000, down 18.5 per cent on the €113,000 profit for 2003.