Oireachtas Joint and Select Committees
Thursday, 9 October 2014
Public Accounts Committee
2013 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
2013 Annual Accounts of Údarás na Gaeltachta
10:45 am
Mr. Séamus Mac Eochaidh:
The board approved the sale of 60% of the shares and decided that we would convert 40% of the shares into convertible preferred shares. As part of the deal and following legal and accounting advice, we put a mechanism in place, whereby we transferred 100% of the shares, but we have a put and call option with the purchaser that if it does not deliver on certain commitments it has made, largely surrounding investment which the company needs and the purchaser-----
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