READYMIX PLC will not go ahead with today’s planned delisting from the Irish Stock Exchange as a result of court action by two shareholders in the company.

Shareholders last month voted to sell the 38 per cent of Readymix not owned by Cemex to the Mexican multinational for 25 cent a share. Following that, the company was due to delist from the Irish Stock Exchange today.

However, two shareholders, Seamus Maye and Tom Goode, yesterday went to the High Court in a bid to halt the sale.

The hearing was completed yesterday. Mr Justice Peter Kelly reserved judgment until May 15th. As a result, the company will not be delisted today.

Mr Maye and Mr Goode object to the price at which the minority stake is being sold and argue that Cemex deliberately set out to destroy value for the minority shareholders by selling concrete at below-average costs, while paying extra for cement, a key component of the material. They argue in their affidavits that this contributed to a fall in the Readymix share price from €3 in April 2007 to three cent last January.

Mr Maye is involved in separate competition law claims against a number of companies, including Readymix. Mr Goode has taken a similar claim against operators in the cement and concrete business, but not Readymix or Cemex.

Rejecting their claims, Roger Gonzalez of Readymix argues in his affidavit that the share price fall was due to the catastrophic collapse in the market for building products, down by 80 per cent.

Mr Gonzalez states the offer of 25 cent to minority shareholders was a 733 per cent premium to the three cent price on January 18th. He said that while Cemex will take full ownership of Readymix in the deal, it will also take full responsibility for €40 million in liabilities.