Philip Lynch, the ousted chief executive of the investment group One51, is considering seeking the support of co-op shareholders this weekend to engineer a comeback at the company.
Lynch, who owns 4.5% of One51, said in his statement that he would “continue to serve the interests of the company as a shareholder” and was “reflecting on his position”. Lynch gave a presentation to co-op shareholders within the past week, outlining his strategy for the company, which was reportedly well received. The co-ops hold 54% of the company.
Shareholder support of the board’s decision to sack Lynch will be tested as early as next month when the group’s annual meeting is called. One51’s chairman, Noel Cawley, who presided over Lynch’s dismissal, is a senior figure in the dairy industry.
Lynch could seek to wrestle back control, by launching a bid for the holdings of dissident shareholders. Private investors hold 31% of the company. A bid to take out the dissidents at a 50% premium to the current price would cost up to €50m.
Lynch is also involved in a €25m legal case with AIB over a property deal.