Waterford Airport advances as shareholders agree to dissolve shares at EGM
The €30 million investment in Waterford Airport has advanced following an EGM between the airport board and shareholders. Photo: Joe Evans
Waterford Airport has moved closer towards its runway extension after an Emergency General Meeting saw the airport’s current shareholders vote to dissolve their shares and clear a path for the takeover of an anonymous investor.
Almost 99% of the Waterford Regional Airport Plc shareholding in attendance voted to dispose of their shares of the company at the EGM in the Tower Hotel on Monday, December 8. A 75% approval of the present shareholding was required to advance the disposal of the company.
Following an additional EGM, which will take place in January to complete formalities, the shareholders’ assets in Waterford Regional Airport Plc will now be worthless.
‘Waterford Airport Ltd’ will be the new entity in charge of Waterford Airport. The company’s sole director is listed as William Bolster with the company registered at Ashgrove House, Newtown.
Mr Bolster told the the anonymous investor will enter the new company when all legal contracts are signed, which is expected to be in January.
The company will be used as an investment vehicle for the anonymous backer, who has demonstrated to Waterford City and County Council that they have the financial heft to inject €30 million into the airport.
Following the results of the EGM, Mr Bolster said it was “a historic day”.
“It's great to see. I just think it shows and confirms the support, because a lot of people had to make a lot of hard decisions on their shares, knowing that they're not going to get anything for it, and they've overwhelmingly voted for this deal.”
Present shareholders at the EGM were asked to vote on four motions:
- That the disposal of the company’s trades and assets will go to ‘Waterford Airport Ltd’ for consideration, allowing the company to settle all liabilities.
- That the board of the airport company will be able to settle all of the airport’s liabilities on the terms seen in the best interests of the company.
- That any director of the company can ‘approve, issue, execute, and/or deliver in the appropriate manner’ documentation that is necessary for use in connection with the transaction; And that any director can ‘take all such action on behalf of the Company’ to dispose the Company’s trade and assets to Waterford Airport Ltd.
- That the transaction be approved for the purposes of Section 238 of the Companies Act 2014 (a director of a company cannot transfer a non-cash asset of requisite value without a resolution of the relevant company in general meeting).
Just over half of Waterford Regional Airport Plc’s 1,036,480 shares were represented at the meeting, with shareholders who held 513,818 shares voting to dispose of the company's assets to Waterford Airport Ltd.
Construction on the airport’s runway is intended to begin in 2026 Q1, with commercial flights intended to return 12 months later.
Waterford Airport board member and Independent councillor Declan Barry welcomed the decision.
“Now it's back to putting our heads together again, putting the final touches on this and a further EGM to take place in the New Year, and it's onwards and upwards. Roll on 2027, we'll be back in the skies.”
The identity of the investor is due to remain undisclosed indefinitely, according to Waterford Chief Executive Sean McKeown.
“I, as chief Executive of the Council, have been required to brief elected members as necessary to enable them to exercise their Section 183 responsibilities; however, the identity of the investor must remain confidential unless they give written consent,” Mr McKeown said in a written statement.
