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TREASURY Holdings has sold off a small part of its stake in Real Estate Opportunities, the London-listed property vehicle that owns Battersea power station.
In a stock exchange statement, REO said Brossbar, a company co-owned by Treasury's principal Richard Barrett, sold 5.25 million shares in REO last week. With REO's shares on the floor as a result of its massive borrowings, the sale netted Brossbar only about €250,000. Barrett and his partner in Treasury Holdings, Johnny Ronan, still own nearly 65% of Real Estate Opportunities.
REO was one of the first of the big developers to end up in Nama. In addition to Battersea power station, it owns dozens of properties in Ireland. As part of its survival plan submitted to Nama, REO will spin off the Battersea development into a separate company. Planning permission for Battersea's redevelopment was granted last November and the company is seeking a joint venture partner.
Shares in REO crashed 80% last year and the company now has a market value of only about €14.7m.
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I was struck when watching the TG4 documentary on TK Whittaker by the total difference between Whittaker and many in his generation to the likes of Treasury Holdings and their ilk. In particular, the Primtime image of Johnny "slick-the-hair-back and pretend I'm not 50" Ronan and Richard Barrett whispering into Bertie Ahern's ear, the loud pin-striped suits, the Maybach car, all that worthless tad, contrasted with an intelligent and cultivated man who put his country and family first and not himself.