The luck of the Irish (Investment Insight)

By Richard Dunbar, Investment Solutions, Aberdeen

In October 1997, McInerney Holdings plc debuted on the Irish bourse. With a prospectus boasting of strong demand for Irish housing, rising employment and favourable demographics, what could possibly go wrong?

Well a few years later we found out, in a letter to shareholders detailing the liquidation of the company, which talked of a group “with no meaningful assets of worth and no bank facilities” — rarely a good corporate combination.

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