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MIRROR on the CITY IN DUBLIN: EUR86m spending spree.

VALENTIA Telecommunications, the consortium linked to Sir Tony O'Reilly that took over Eircom, spent e86million on corporate finance and other fees while completing the e3billion purchase.

And, according to accounts just filed with the Companies Office in Dublin, around e40million of that sum was later recouped from Eircom in the wake of the transaction.

The accounts showed the Employee Share Ownership Plan, which controls 20 per cent of Valentia, got back e7million, while Lionheart Ventures, the investment company owned Sir Tony, spent - and reclaimed - EUR200,000 on fees in connection with its 4 per cent stake.

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CASH: O'Reilly
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Title Annotation:Business
Publication:The Mirror (London, England)
Date:Feb 12, 2003
Words:100
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