Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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61. To ask the Minister for Jobs, Enterprise and Innovation if reports that €7 million of debt was written off by the State in the sale of the State's stake in a studio (details supplied) and that the sale price was €6 million are correct; and if she will make a statement on the matter. [16803/18]

Heather Humphreys (Cavan-Monaghan, Fine Gael)
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In 2016 Ardmore Studios International Limited (ASIL), engaged IBI Corporate Finance to investigate selling the company as a going concern. (ASIL), the majority shareholders in Ardmore Studios Ltd, were seeking to exit, having been running the company for over 30 years.

 An extensive process was undertaken by IBI Corporate Finance to find a suitable buyer, with over 100 potential parties contacted.

Ion Equity emerged as the successful bidder from that process and its acquisition vehicle, Olcott Entertainment Limited, which was recently incorporated by Ion Equity for this purpose, is now the new owner of Ardmore Studios.

In relation to the sale price and other specific financial details, I am unable to reveal what are confidential details of Enterprise Ireland’s minority shareholding disposal transaction in what is a privately held company. This applies to the Ardmore transaction as it would to any other individual investment or share disposal of Enterprise Ireland where it is a minority shareholder in a privately held company. 

This principle of confidentiality reflects a statutory duty of confidentiality set out in section 16 of the Industrial Development (Enterprise Ireland) Act, 1998. In this case, the parties also understood, at the time of the sale by Enterprise Ireland and other majority shareholder vendors, that, due to section 16 of the 1998 Act, the consideration and other financial aspects of the sale would not be revealed. Disclosing such information, would be in breach of the high standards of confidentiality adhered to by Enterprise Ireland.

What I can however confirm is that Enterprise Ireland negotiated the sale of its shareholding with the benefit of comprehensive due diligence undertaken by independent consultants and is satisfied that it realised full market value, and on a par with the other majority shareholders parties. 

The Government had committed that the company would be sold as a going concern and that is what has happened while realising full commercial value for the shareholders selling the company, including Enterprise Ireland.