An extraordinary general meeting on Monday will consider investor moves to populate the board with new nominees
′s attempt to breathe life into the waning Irish stock market — with relief on up to €1 million of initial public offering expenses and promises to waive stamp duty on certain share trading — is no game-changer.
Nor has the second-last company to take the plunge: Corre Energy, the Irish-run but Dutch-based energy storage developer for renewable power, which joined the Iseq in September 2021. Corre has seen its share price plunge 90 per cent so far this year — leaving its market value at just over €16 million. The wider international green energy sector has been generally out of sorts — with the S&P Global Clean Energy stocks index off 9 per cent over the same period — as the capital-intensive sector struggles with heightened interest rates and a hangover from when green energy stocks were on turbocharge during the pandemic.
Corre has needed a large cash injection for some time — and a significant one at that, if it is to secure the best deals possible as projects come to financial investment decisions. With less than €1.1 million of cash in the kitty at the end of last year, it hired Rothschild in April to secure a big strategic investor.
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