Mashup Ireland announces it has received an offer for 53% of Kollect subsidiaries
Mashup Ireland AB (publ) (“Mashup”), the acquisitive Irish SME investor, has announced that John O’Connor, the CEO of the Kollect subsidiaries (“Kollect”) has today made an offer to acquire 53% of the share capital of Kollect.
John O’Connor has today submitted an offer to acquire 53% of the shares in each of the Kollect. This includes Kollect on Demand Limited, BIGbin Waste Tech Limited, Kollect on Demand (UK) Limited (“The subsidiaries”). The initial offer is €700K (approximately SEK 8.2m) for 53%, giving an overall value of €1.32m (approximately SEK 15.5m) for the Kollect subsidiaries. If the offer is accepted by the Board, Mashup would retain 47% ownership, but these companies would no longer be wholly owned by Mashup.
The partial sale of subsidiaries would be in line with the new strategy which was approved by Shareholders on 27 June and the transaction would ensure that Kollect remains a part of the Mashup Ireland Group. Mashup Ireland would be committed to supporting the continued growth of Kollect, under John’s leadership.
The Board of Directors of Mashup Ireland AB will now consider the proposal from John with an expectation that negotiations will conclude next week. The Board shall then disclose more information as the decision is made.
Comment from the CEO, Andy Byrne
“We thank John for this offer. We are evaluating the offer carefully to ensure that it provides long term value to shareholders and that aligns with our strategic vision.”
For additional information, please contact
Jamie Walsh, CFO
Phone: [+353] 85 871 9756
E-mail: [email protected]
