Are Greencore fixing to fix the share market?

[HanleyS]

Are we seeing a repeat of the Anglo ten scenario with Greencore seeking an 'orderly placing' of shares owned by the Zoe Group:

FOOD COMPANY Greencore is working with stockbrokers to achieve an orderly placing of Liam Carroll’s 29.5 per cent stake with new and existing institutional investors if the beleaguered developer’s shares come to the market.

No formal placing process is in train given uncertainty about the outcome of Mr Carroll’s new application for an examinership of his Zoe group companies, which will be heard in the High Court tomorrow.

However, Ulster Bank’s move to exercise security over the 15.9 per cent of Greencore that Mr Carroll owns has intensified expectation that his entire stake will soon come on the market.

While Greencore has made no public comment on the issue, market participants say the firm and brokers working for it have informally sounded out current and potential investors about a potential placing

Greencore sounds out market over Zoe stake - The Irish Times - Wed, Aug 19, 2009

[Digout]

I think this is a little different. The Anglo 10 was a scam. I think its normal for a company in Greencores position to stop all this stock being dumped on the market.

[johnfás]

Totally different situation and there is no attempt to cover it up. The directors of a company have a fiduciary duty to act in the best interests of the company - it is clear that a dumping of up to 30% of a company's stock onto the market may not be in the company's best interest.

[Digout]

Sure Anglo will prob buy the stock anyway.