Abbey to remain a public company, says chairman

Housebuilder Abbey is happy to remain as a publicly quoted company for the foreseeable future, according to its chairman, Charles Gallagher.

A mandatory offer last month from the company’s biggest shareholder, Gallagher Holdings Ltd, to buy the outstanding shares that it did not own, brought the company’s stake to 72.6 per cent. That figure fell short of the 90 per cent threshold needed to make the offer compulsory, and so it remained listed on the Dublin and London markets.

Speaking after Abbey’s annual general meeting yesterday, Mr Gallagher, who is also a director of Gallagher Holdings, said the shareholder was happy the group remained a public company.

He pointed out that as Gallagher Holdings increased its stake in the business past the 50 per cent mark in August, it was obliged to offer to buy out the balance of the shares, which valued the company at £114 million or £5.30 a-share.

He added that Gallagher Holdings had no intention of taking the business private.