Shareholders with holdings worth up to €262,500 at take-out price were forcibly bought out with no option to stay on board
Balmoral International Land chairman Carl McCann, who engineered the ousting of thousands of small long-term investors in the business this week. Photograph: Frank Milleras it is now known, spends a lot of time and lobbying muscle telling the Government it needs support to help make the stock market more attractive to small investors who traditionally are more likely to leave their savings on deposit than in shares.
Small is relative in McCann’s world. These ousted shareholders would have had holdings worth up to just shy of €262,500 at the takeout price which is hardly small change. The company argues that most had holdings of 500 or fewer shares but that’s still an investment of up to €5,250. The McCanns and their advisers tried to persuade the shareholders being ejected that they were doing them a favour but a vocal group of shareholders – almost all investors of many years’ standing – was not buying it.
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