South Wharf shares fall 12pc on ruling

Shares in South Wharf lost nearly 12pc yesterday following the news of a failed High Court bid. The High Court yesterday ruled against it in its bid to change the use of its Ringsend property.

The company, which was left over when Paul Coulson spun off the glass interests of Ardagh in 2003, has 21 days to appeal the High Court decision to the Supreme Court. South Wharf had been seeking to change the use of the facilities it leases at Ringsend from glass manufacturing to port warehousing but had failed to win the consent of its landlord, Dublin Port, which prompted the legal action.Shares in the company, which have risen strongly since the start of the year amid hopes of a positive outcome to the court case, lost 35c, or 11.7 per cent, to E2.65 yesterday."The Board of South Wharf will now consider in detail the implications of the High Court decision and communicate with shareholders in due course," the company said in a statement to the Irish Stock Exchange yesterday.

"South Wharf intends to continue its glass related activities at the Ringsend property in accordance with the user requirements of the current leases," the statement said.

"It should be noted that there is no minimum level of activity specified in such leases," the statement added. South Wharf's business consists of agency sales of product sourced from other manufacturers, including the plants of Ardagh Glass.

600450 South Wharf shares fall 12pc on ruling glassonweb.com

See more news about:

Others also read

Machinery and products for glass: Markets on the upswing, excellent exports performance
The Gimav Studies Centre releases official data on the sector: the growth trend continues for the 8th consecutive year.
British Glass members meet with BEIS to discuss Brexit interests and issues
British Glass is today hosting a face-to-face meeting between the Department for Business, Energy and Industrial Strategy (BEIS) and representatives from flat, container and fibre glass manufacturing.
Iranian glass is developing the global market
Iranian manufacturers are actively mastering the global glass market, paying special attention to new technologies.
Rapid Growth In The Commercial Glazing Sector To Stall – Palmer
A new report from Palmer Market Research suggests that the rapid growth seen across the commercial glazing sector may be about to stall in ‘some areas’.
Flat glass imports to U.S. up this year while exports falling
The U.S. Department of Commerce is reporting that imports of flat glass to the U.S. have increased through the first half of 2017 while exports have decreased during the same time period.
One company which has been supplying glass to the auto industry for more than 80 years, and which is a leading automotive glazing innovator is Saint-Gobain Sekurit.

Add new comment