Directors at firm headed by Ahern convert loans to shares

A number of directors of a solar farm company of which former taoiseach Bertie Ahern is chairman have converted sizeable loans to the company to preference shares.

However, the former taoiseach has not invested in the company or given loans, according to the latest set of accounts for Scientia Solar Ltd.

The firm, which has solar projects in Germany, Italy and the US, according to its website, had equity shareholder funds of €2.7 million at the end of 2011. This included accumulated €559,025 of losses and redeemable preference shares of €3.28 million.

The company, with an address at Ivor Fitzpatrick and Co, solicitors, St Stephen’s Green, Dublin, expects a total loss of €1 million for 2011 and 2012. Its ability to continue as a going concern depends on the continued support of shareholders and directors and the company’s success in getting external equity investment, according to the accounts.

In the first half of this year, directors Ian Lawrie, Aidan McDonnell and Colm Killeen resigned from the board, the accounts say. Frank Smith, a director of a number of companies, based at Smiths Building Supplies, Walkinstown, Dublin, joined in January.

Notes to the accounts state that Gary Smith, a director, converted a loan of €349,915 into redeemable preference shares; Ivor Dougan, a director, converted a €299,915 loan into similar shares; and Frank Smith converted loans of €2.6 million.Mr Ahern’s address is given as St Luke’s, DrumcondraPublic Affairs Correspondent