Waterford Airport shareholders vote for company's liquidation; Preliminary works on runway begin
Waterford Regional Airport Plc has governed the airport since the early 1980s. Picture: Joe Evans.
Shareholders of Waterford Regional Airport Plc overwhelmingly voted to liquidate the company on Monday, April 20, finalising the company’s transition into private hands after a process lasting approximately eight-months.
At an Extraordinary General Meeting (EGM) in the Tower Hotel, more than 99% of present shareholdings of Waterford Regional Airport Plc voted to wind down the company.
Waterford Regional Airport Plc will be liquidated by Deloitte Ireland following a month-long moratorium.
Waterford Airport Ltd, the new company controlled by US Oil billionaire Kelcy Warren, has now begun preliminary work on the surrounding grounds of the airport.
An official turning-of-the-sod event, that will see the construction of the runway’s €30m extension, is expected in the coming weeks.
It's hoped that the lengthening and widening of the runway will court new commercial airlines to Waterford following a decade-long hiatus.
William Bolster, director of Waterford Airport Ltd, said the airport is in negotiations with commercial airlines.
“This is really a game changer for the South East,” Mr Bolster told the
“Even if you look at it already, the approaches that are being made to me from different companies, some of them outside the country, some inside the country, that want to invest in Waterford (because of the airport).
“Even though we're only getting going at this, all the professionals that have been appointed on this are all local, and we have about 40 people employed already, between contractors and so on, and we're only starting.
“This is where the whole thing generates more employment. It generates more money and investment and foreign direct investment coming in.”
It has been ten years since the last commercial airline flew from Waterford Airport - VLM Airlines, a small Belgian operator.
For Waterford Airport to work on a commercial flight basis, it’s going to have to court a larger operator.
“It needs to be, and it will be a heavy hitter. I suppose that's the idea of the extension, it’s going to open up so many more airlines to us," said Mr Bolster.
“That's the key to this, is to be able to accept jet aircraft, and that also, in turn, will give the right price point for you and me and everyone who wants to go on holidays or do business trips to London and so on.”
The contract signed between airport stakeholders and Kelcy Warren provides for the extension of the runway, which will cost approximately €30m.
There is no guarantee for the return of commercial flights. Mr Bolster previously said it would be impossible to provide contractual terms that related to control of the private sector.
Speaking at the EGM, chair of Waterford Regional Airport Plc, Michael Walsh, said that after years of fraught negotiations with Government, the private investment would circumvent red tape and bureaucratic procurement processes.
“What I think is actually the greatest opportunity around this is to see private sector interest driving the airport because I've used the expression, and it's a bit harsh, but at a certain level, we were enthusiastic amateurs,” Mr Walsh said.
“It's like any business, you need capital to invest in the business, to drive it forward.”
He pointed to Kerry Airport as a possible template for Waterford Airport’s operations and scale, and said Waterford could outperform Kerry in the long run.
Some shareholders expressed a wish to have their legacy remembered. At a time of economic downturn, many across the wider community banded together to invest in shares and deliver an airport for the region.
Speaking on behalf of his wife Rosina Lauri, Stewart Gray posited that if the airport were ever floated publicly, shareholders should receive preference shares.
Another asked that previous shareholders be invited to the revamped airport's official launch.
Some struck out against Mr Warren’s political financing.
Data from American political finance tracker Open Secrets show Mr Warren donated $12.5 million to pro-Donald Trump Political Action Committees (PACs) during the 2024 election cycle, while his company, Energy Transfer, donated a further $19 million.
“We all know now that Mr. Warren is the owner of the airport," said Betty Dillon, a Waterford trade unionist, while also being critical of Mr Warren's close ties to the American President.
“I'm wondering when the airport extension is complete, could we look forward to the arrival of Air Force One?" she said.
Mr Walsh said that the runway would not be long enough to accommodate Air Force One, and that it was extremely unlikely that the airport would be used as a logistical hub for the US military akin to Shannon Airport.
Chiming in after Ms Dillon's comments, Tony Fitzgerald of Fitzgerald’s Menswear said after a lack of support from Government, the proposed investment was too good to pass up, regardless of Mr Warren’s political affiliations.
“I think the money that has come, if ever there's a phrase coined, it’s ‘manna from heaven.’
“I think we knew that we never would get anything back out of it, just to bring forward Waterford…we are so lucky to be where we are.”
