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Sunday, May 29, 2022

Nursing home investor brought court case against officials

The founders of a group that invest in nursing homes are in dispute with two top executives over ownership of nearly €11m of shares, the Commercial Court heard.

Avid O’Shea is the founder and owner of the BlackBee Group, which is behind the Apriori Nursing Home group operating in Cork, Kerry, Kilkenny and Galway.

Mr. O’Shea, Blackbee Funds ICAV and Citi Quarter Capital II plc, of which Mr. O’Shea is also a director, have proceeded against Apery’s CEO Paul Kingston and its Chief Financial Officer Hazel O’Connor, declaring the defendant has been demanded. Aperi Holdings Limited has no legal or beneficial interest in the share capital and associated voting rights.

An injunction has also been sought to restrain the respondent from claiming that he has 40 per cent interest in various apiary companies.

The controversy arose after plans to sell 12 nursing homes and two greenfield sites last year.

The defendants deny the claims and state that they are entitled to 40 pc of the profits following the sale and exit of Apri Group.

The case was filed in the Commercial Court on Monday by Justice Dennis MacDonald, agreed between the parties.

Last year, the decision to sell 12 homes and sites was made when Mr. O’Shea said in an affidavit, it emerged that Mr. Kingston had already prepared an offer document and decided to sell a certain portfolio within the group. An agent was appointed to sell. It was an unauthorized action, Mr O’Shea said.

Last April 1, the solicitors for the defendants wrote, claiming 40pc ownership in the Aperi Group and related companies, a move that was also reported to the preferred bidders, which Mr. O’Shea said were ready for deal. it was done.

Mr O’Shea said that as far as the Preferred Deal was concerned, he believed the defendants were “on a doomed mission”. He said that the preferred bidders are no longer ready to enter into any settlement, while the claim of 40 per cent beneficial ownership remains and they have withdrawn their offer.

Bernard Dunleavy SC for the plaintiffs, and Louis McEntagart for the defendants agreed that this is a case that needs to be accelerated.

Mr Justice McDonald approved a timetable on how the proceedings would proceed and adjourned it until July.

World Nation News Deskhttps://www.worldnationnews.com
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