FNBS votes on plc status

After all the talk, today is decision day for members of the First National Building Society as voting takes place on the proposal…

After all the talk, today is decision day for members of the First National Building Society as voting takes place on the proposal to convert to a publicly-listed bank. The confidence of the board in the outcome is aptly demonstrated by the ongoing and premature campaign on its new name, First Active, should the demutualisation plan succeed.

But whatever happens in the vote, there will be discontent among a rump of members who will not benefit from free shares due to marginal infractions of the terms set out in the conversions statement.

The future augurs well for those who will receive an allotment of free shares, if previous demutualisations in Ireland are anything to go by. However, with the advent of EMU, a more uncertain time may face amateur investors in the Irish stock market.

Monday

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Results: Cambridge Antibody Tech (H1), Celltech (H1), Fine Art Developments, RM (H1), Diploma (H1), Paragon Group (H1), Style Holdings, UPF Group (H1), Wolverhampton & Dudley Breweries.

A.G.M.: Britt Allcroft (also e.g.m.), First National, Glaxo Wellcome, Invesco City, Savoy Hotel.

Meetings: EU/US Summit (London); to Tues); Governor of bank of England, Mr Eddie George, addresses Institute of European Affairs.

Indicators: Japanese trade balance (Apr).

Others: anaiste, Ms Harney opens new Toucan Technology plant (Galway); Tesco makes debut on Dublin market; Ulster Bank dinner.

Tuesday

Results: Aberdeen Asset Management (H1), Berisford (H1), British Energy, Care UK (H1), Compass Group (H1), Enterprise Inns (H1), Greenalls (H1), Hozelock (H1), Imperial Tobacco Group (H1), Jarvis Porter Group (H1), Merchant Retail Group, Marks & Spencer.

A.G.M.: BASF, Danone, Newquest, Next, Slough Estates, Sun Life & Provident, William Baird.

Meetings: US Federal Reserve Open Markets Committee; EU finance ministers (Brussels); EU telecoms ministers meet (Brussels).

Indicators: British PSBR (Mar) and retail prices (Apr); German ifo index (Apr).

Others: Business Software Association/Price Waterhouse report published; European Forestry Growers creditors' meeting (Earl of Kildare Hotel, Dublin); French National Assembly votes on bill introducing a 35-hour legal work week.

Wednesday

Results: Arcon, Baggeridge Brick (H1), Blacks Leisure Group, British Telecommunications, Carlton Communications (H1), Chamberlain & Hill, Countryside Properties (H1), Dell (Q1), Energy Cap Inv, Glenmorangie, Hoare Govett 1000, Hoare Govett Smaller, Irish Dairy Board, Land Securities, Majedie Investments (H1), National Power, Photobition Group, Versailles Group, Young H Holdings (H1).

A.G.M.: Bunzl, Deutsche Bank, WH Smith.

Meetings: IBEC annual business conference on flexibility in business (Dublin Castle); Irish Offshore Operators Association symposium on way forward for oil exploration (Conrad Hotel, Dublin).

Indicators: Irish construction earnings and hours worked (Dec); British trade deficit (Mar); US international trade (Mar); Japanese industrial production (Mar); German current account (Mar) and trade balance (Mar); French industrial production (Mar).

Others: First National's house price index launched; British gilts auction.

Thursday

Results: Bass (H1), Brooke Industrial, Creative Publishing, Morgan Grenfell Equity (H1), PowerGen, Southnews, Storehouse, Vosper Thornycroft.

A.G.M.: Bowthorpe, Dalgety (e.g.m.), Hamleys, Ibstock, Iceland Group, International Energy, Meggitt, Qualceram.

Meetings: Insurance Institute annual conference (Galway to Fri); Irish Software Conference (O'Reilly Hall, UCD).

Indicators: Irish total external trade (Jan); British retail sales (Apr), motor vehicle production (Apr), monetary figures (Apr) and building society figures (Apr); US Philadelphia Federal Survey (May).

Others: Irish gilts auction; European markets closed.

Friday

Results: Concentric (H1).

A.G.M.: RMC Group, Zeneca.

Meetings: Forbairt seminar on successful strategies for fast-growth companies.

Indicators: British GDP (Q1); German producer prices (Apr).

Others: Referendum on Amsterdam Treaty and Belfast Agreement; Tanaiste, Ms Harney introduces Enterprise Support Programme; 1998 RDS Gold Medal for Industry Award (RDS).