This article is from page 8 of the 2008-01-08 edition of The Clare People. OCR mistakes are to be expected so download the original SWF or the rendered page 8 JPG
ENNIS Town Council has declined to sell its stake in Clare FM, turning down an offer of €10,000 for 500 shares. On Monday the nine-member council rejected the offer, opting in- stead to hold onto the shares.
There were also calls from council- lors for the jobs of the station’s 30 staff to be protected in the event of a takeover.
Mayor of Ennis, Tommy Brennan proposed that the council reject the offer. He said the local authority would be better served by retaining
its shareholding.
“I propose that we hold onto the shares. With another company set to take over Clare FM, the shares are going to get even bigger,’ he said.
Cllr Brennan’s motion, seconded by Fianna Fail councillor Joe Reidy, received unanimous backing. Fianna Fail councillor Tom Glynn said the rights of workers in Clare FM must be protected in the event of a takeo- ver.
“Tm not sure that we can do any- thing to guarantee the rights of work- ers. I would like to see employees in Clare FM protected and they would
be looked after,’ he said.
Fine Gael Clir Johnny Flynn called for Clare jobs to be protected.
Ennis Town Council originally purchased the shares for €500. The recent offer for the shares was set in a letter addressed to the council by Michael Evans, Chairman of Clare Community Radio Holdings plc.
It states that “the number of shares registered in your name amounts to 500 and therefore the total consid- eration for your shareholding will be circa €10,000”’.
The offer values shares at €20 each.
The letter continues, “The Com- pany is recommending acceptance of the offer which is conditional on the Offeror receiving acceptances from holders of not less than 95 per cent of the Ordinary Issued Share Capital of the Company.”
The proposed sale comes against the backdrop of growing profits and listenership figures for Clare FM. It would benefit a number of political and business figures across Clare who were part of a successful share drive in the early 90s.
Clare FM is currently the subject of an offer from Radio Kerry.