The unprecedented investment deal for Waterford Airport took another step forward on Monday 8 December, last, as the existing shareholders voted to dissolve their shares to allow the proposed development to go ahead.
The Emergency General Meeting was held in the Tower Hotel and was scheduled to begin at 10am, but was delayed by half an hour due to the high turnout. Approximately 100 shareholders were said to be in the room for the vote.
After what was described as an open and frank discussion, the existing shareholders voted almost unanimously in favour of dissolving their shares, as approximately 513,000 individual share votes voted in favour, while approximately 6,500 individual share votes voted against.
This means the shareholders, made up largely by local people and businesses, agreed to relinquish their shares without receiving any money, so that the Airport could be further developed for the region.
The existing Airport company will be dissolved and an unnamed US investor, who is providing €30m in funding, will become the sole owner of the new Airport company. The investor has committed to making Waterford a commercial international airport.
This was a sacrifice for the 100 shareholders present but as majority shareholder William Bolster told The Munster Express, “We all want the same thing and that is an international airport for the South East.”
“Like the plenary meeting in October,” said Mr. Bolster “this was another example of people making difficult decisions for the greater good. We had a very good debate today, there were some good points raised.
“I would say it’s a unique situation that such an investment deal was accepted almost unanimously by Waterford Councillors and by the Airport shareholders.”
This new investment came at a time of uncertainty for the Airport after the Comer brothers, a pair of Galway-born investors, had recently walked away from a similar investment deal when government support was not forthcoming.
The history of Waterford Airport is one of good intentions, sacrifices and false starts—you can turn to this week’s Christmas Supplement for more details.
“It’s unbelievable,” said Mr. Bolster, “If I had €100 for every false start I could fund the airport myself.
“There was a lot of worry when the Comer brothers pulled out because we didn’t get government support. But I hope this inspires more projects for the South East.
“For too long we’ve been left behind but I hope this serves as an inspiration and an example for other big projects to think outside the box. We saw a major investment in offshore energy for the South East recently, and the North Quays development as well.
“Each project benefits the other. I know from my own kids we need to try keep our young people in the area by creating businesses and creating excitement,” Mr. Bolster added.
Dominic Ellickson was named as having invested a significant sum into Waterford Airport in the ‘80s. Although Mr. Ellickson did not want to publish the amount of this investment, he did comment as to why he dissolved his shares for no financial return.
“This is manna from heaven. Waterford needs the airport. Any sacrifice the public or myself can make I think it’s necessary. This is a small sacrifice for Waterford and the South East,” Mr. Ellickson told this newspaper.
Speaking to The Munster Express, Fine Gael Councillor, and Airport board member Jim D’Arcy said that the EGM on December 8 was an important meeting as those who invested to keep the airport alive should be recognised.
According to Cllr. D’Arcy the board did their best to try and get some return for the airport’s current shareholders, but having a wide shareholder base was not the nature of the proposed deal.
“This was a resounding endorsement of the deal. These are local business people and locals who have kept the airport alive. They are not getting a penny out of this deal. These are ordinary businesses, ordinary people, some representing their parents’ interests who invested years ago and have passed away,” Cllr. D’Arcy said.
“They kept the airport alive until the Council took over in recent years. Then the Council were putting in around €300,000 a year sometimes. That’s what kept the airport alive so this investment could happen. The local people and the Council deserve massive credit.
“We pushed hard for the shareholders to get a return. But that wasn’t the nature of the deal, the investor wanted to be the sole owner and business is business,” Cllr. D’Arcy added.
Airport board member and Independent Councillor, Declan Barry, has made the Airport the central issue of his tenure as local representative.
“I would have been nice for everyone to make money on this deal. But what’s been communicated to me is that many of these shares were not bought with much expectation of a return. They were bought to support the airport and for the overall good of the region,” Cllr. Barry said.
When asked for his own perspective Cllr. Barry said, “On a personal level when I joined the Council 18 months ago I did my best to get on the board of the airport because I knew it was so important for the region. If Waterford Airport is realised in my term then I will feel I have achieved a lot”.
“We’ve seen three major steps recently, the first was the Council vote, the EGM was the second, and the final step will be dissolving the current Airport company which should happen in January,” Cllr. Barry added.
A spokesperson for Waterford City and County Council welcomed the outcome of last Monday’s Extraordinary General Meeting of Waterford Regional Airport PLC (WRA), at which shareholders voted by an overwhelming majority to accept the terms of the investment proposal from the newly incorporated Waterford Airport Limited.
“The Council approved this investment proposal last October, and this decision by WRA marks an important next step in progressing the airport development works,” the council spokesperson told The Munster Express.
“These works will transform Waterford Airport to become a fully functional and commercially viable regional airport, delivering significant socio-economic benefits not just for Waterford but for the entire South East region,” the council spokesperson added.
Construction is due to being on Waterford Airport in Spring 2026.
Funded by the Local Democracy Reporting Scheme
