William Marshal reaches restructuring agreement with Moralltach Global
Moralltach Global, a Wexford-based property business led by John K Brennan, has reached an agreement with William Marshal to restructure its activities.
Moralltach, whose Maltese based holding company was until recently listed on the NSX Exchange in Australia, has agreed to sell its property assets for shares and other consideration to William Marshal. The Assets comprise a mix of around Four Hundred Million Euro (EUR400 million) investment and development opportunities.
Once completed, the transaction – which will occur in stages over the next few months – will see Moralltach Global distribute new shares in the enlarged William Marshal PLC to its shareholders as part of a strategy to list the enlarged group on the London Stock Exchange.
Moralltach was originally established in 2015 to assist Irish property-holders and entrepreneurs dealing with the effects of the Irish financial crisis, which saw asset prices fall significantly and bank credit dry up. Today, Moralltach has a portfolio of approximately 200 properties and over 500 shareholders, many of whom sold their property assets to Moralltach in exchange for shares and other consideration. In the coming months, capital to allow the development and expansion of Moralltach’s property and environmental project portfolios will become available in agreed tranches.
Jonathan Blythe, CEO and majority shareholder of Mansfield-based William Marshal, says: “We are delighted to be able to combine William Marshal’s expertise in funding and investment with the Moralltach property portfolio. Following the completion of acquisition, the team at Moralltach will become part of a new property investment and development arm headquartered and run from Ireland.”
Mark O’Dornan, the William Marshal Director responsible for the new property division, says: “The William Marshal Board has proven expertise in raising investment finance for asset portfolios. Applying our skill set to Moralltach’s portfolio alongside their existing team will help unlock its considerable development potential. There are some tremendously exciting opportunities within Moralltach’s portfolio and we believe more will become available to the enlarged business, in Ireland and elsewhere.”
John K Brennan, Chairman of Moralltach, adds:“The Merger with William Marshal is a perfect fit for Moralltach. Over ten years after the financial crisis, there are still numerous good projects left undeveloped in Ireland because of the shortage of conventional bank funding, and many of our shareholders are still suffering from the effect of loans taken out at the height of the boom. Our shareholders will be a major part of the ownership of the new and enlarged William Marshal and will have significant board representation. When all the projects are up and running and in particular our portfolio of major environmental projects is developed, William Marshal will be well placed to list, as is our goal, on the London stock market.”
William Marshal plc was advised on the transaction by EGR Corporate Broking and Shakespeare Martineau solicitors in the UK and Philip Lee solicitors in Ireland.