INVESTOR OVERVIEW
Mashup Ireland is a small Irish investment group with BIG plans.
Listed on Nasdaq First North, we are the only listed group in the world that focuses on Irish small and medium-sized enterprises (SMEs).
Irish SMEs generate €420bn per annum in sales and employ 69.2% of people in Ireland.
The current value of our investments is approximately €12m. Yes, we have a lot of work to do.
Ireland is awash with opportunities and talent but starved of risk capital (despite the circa €161bn of cash in low interest bank retail deposits and low yield state savings products).
We are highly skilled at applying risk capital and skills to converting opportunities into value.
We are proud to be active-value investors in Kollect (recycling + waste), DessertFirst and Old Mill (scratch bakery group) and Mashup Venture Park (property, renewables and business incubation).
Bold Investors Only: we invite you to join us on this exciting, profitable journey – click here.
Financial Reports
Quarterly Reports
2023
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2022
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2021
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2020
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2019
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Annual Reports
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Analyst Reports
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Warrants
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Investor Presentations
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| Investor Presentation Disposal of Waterford Bins |
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Terms and information regarding warrants of series TO1
A total of 3,692,805 warrants of series TO1 were issued in September 2020, of which 900,000 were issued to investors in the directed issue of August 2020, 300,000 were issued to the lender who took part in this fundraising round, and 2,492,805 were issued to current shareholders in the Company.
Each warrant of series TO1 will give the holder the right to subscribe for one (1) new share in Kollect at a subscription price corresponding to 70 percent of the average volume-weighted share price, “according to Nasdaq First North Growth Market’s official price statistics”, during the period from July 26, 2021 to August 6, 2021.
Warrants of series TO1 will, upon full exercise, give the Company the opportunity to raise up to a maximum of approximately SEK 55.4 million, depending on the subscription price.
To read more, please view our Presentation to Kollect shareholders re: their warrants in this PDF
WHY IRISH SMALL & MEDIUM-SIZED ENTERPRISES (SMEs)?
Large market opportunity: Ireland has more than 350k SMEs, generating a turnover more than €420 bn per annum. SMEs (<250 persons employed) account for 99.8% of all enterprises and 69.2% of people employed in Ireland.
Significant pain exists: The Group has the resources needed to support Irish SMEs, business owners and founders with a range of challenges and pain points that they face including access to capital, succession planning, attracting talent, utilisation of technology for advancement and green transition.
Irish SME investor competition is low: No other listed companies are targeting investing and supporting Irish SMEs. Only 3.3% of the assets of Irish banks are advances to SMEs.
Irish SME entry valuations are low: Valuation multiples of 2-6 times EBITDA are common for controlling interests. There are extremely limited options for owners of minority stakes in Irish SMEs to sell to third parties.
Potential to develop competitive advantage and scale: Numerous opportunities exist to develop competitive advantage for the Group and its portfolio of SME companies within this €420bn market.
Favorable tax treatment: Investing in stakes in Irish SMEs is mainly a tax-free business (i.e. no capital gains tax on gains and no corporation tax on dividends received). In addition, Irish SMEs are subject to a low 12.5% rate of tax on their trading profits.
Strong policy support for Irish SMEs from the Irish government: 80% government guarantees available for certain SME loans; attractive tax-incentives to encourage retail investing in SMEs; low-cost insolvency restructuring scheme for SMEs in place and a host of other supports available.
Domestic savings are high in Ireland and options very low for retail: Irish retail savers currently have more than €161 billion of cash on deposit / in cash savings products at very low interest rates. This backdrop presents the Group with numerous opportunities to support the Group’s strategy of driving its blended cost of non-dilutive capital down over time.
Ireland is an attractive location for investment: Business-friendly environment, skilled workforce, proximity to EU markets, strong economic performance, government support and incentives, innovation ecosystem, high quality of life and stable political environment.
Public equity market investors have very limited access to invest in Ireland’s domestic economy: Of the 31 ordinary shares that are listed on the Irish stock market, only 10 of these are in domestic-focused companies.
No investment opportunities Currently exist for public equity market investors to gain exposure to Irish SMEs.
Potential to replicate in other countries: The learnings from the Group’s experiences in Ireland’s SME market could potentially be used to develop a playbook to replicate this success in other countries where similarly attractive SME investment dynamics exist.
Corporate Governance
To read our Articles of Association, please click here.
Mary Dunphy
Chairperson of the Board
Chairperson of the Board since 2022
Education: LLBs Law – Trinity College Dublin
Other current appointments: None
Previous appointments ( last 5 years ):
Senior Managing Director – Teneo ( 2016 – 2022 )
Dublin Fringe Festival – Chair of the Board ( 2013 – 2020 )
Shareholdings in the Company: Mary holds, through the company or personally, 0 shares in the Company. Mary is an independent board member.
Bio: Mary is a former Senior Managing Director at Teneo Holdings, with responsibility for Teneo Consulting in Europe. A former Global CEO of CoderDojo, she also served on the board of its Foundation which currently operates 1,100+ free-of-charge technology clubs for kids in 65 countries around the world. Mary is active in community and business organisations and an award-winning executive; named as one of Europe’s Tech top 30 women, one of Europe’s Inspiring 50, listed as a top 100 Woman in STEM worldwide, top 15 worldwide tech face changers, Tatler Woman of Influence. Mary is Independent towards both management and shareholders.
John O’Connor
Member of the Board (resigned on 25 July 2024)
Born in 1979.
Member of the Board since 2019 and CEO of Kollect.
Education: BBS Degree from the University of Limerick.
Other current appointments:
Kollect on Demand (Ireland) Ltd. CEO & Board member 2015 – 2019
Kollect on Demand (UK) Ltd. CEO & Board member
Previous appointments ( last 5 years ):
JR Techwaste Limited – Director
The BIGBin Company Limited – Founder & Director
Emerald Waste Company Limited T/A – Founder & Director
Shareholdings in the Company: John holds 2,086,062 shares in the Company.
Bio: John O’Connor is the CEO of Kollect and is a prominent entrepreneur in the waste industry in Ireland, having already secured one successful exit from a prior company. John has over 15 years of experience in the waste industry that meant he could see the opportunity for a technology focused company to lead the way.
Andy Byrne
Member of the Board and Chief Executive Officer
Member of the Board since 2022 and CEO since 2024
Education: BSc Management Science and Information Systems – Trinity College Dublin
Other current appointments:
Founder – Autofulfil Limited
Owner – Schoolbooks.ie
Founder – Mashup Group
Previous appointments ( last 5 years ):
None other than those listed above.
Shareholdings in the Company: Andy owns, through his companies or personally 51,586,298 shares in the company (86.5%).
Bio: Andy (49) is the Founder and CEO of Mashup Group, bringing a total of over three decades of experience across a wide range of relevant areas including SME start-ups, SME acquisitions, property investment and development, capital-raising, transaction structuring and debt & equity capital markets. AB recently became the group’s largest shareholder with an 86.5% shareholding. As a capital-starved entrepreneur for most of his life, he has a deep understanding of the challenges that Irish entrepreneurs and small business owners face. Andy has a passion for creating innovative financial solutions that was initially fostered during the 5 years that he spent as part of Merrill Lynch’s Global Product Development Team from age 22.
General Meetings
2024
EGM 27 March 2024
Boards Report on non-cash consideration
Articles of association (proposed)
Kollect – Proxy form (SweEng_EGM 2024)
The boards’ report pursuant to chapter 16a section 7 Companies Act (eng)
_RevR_9_ABL_och_ABF,_yttrande_över_styrelsens_redogörelse_ apportegendom_ABL_ 13kap_8§ v1._pdf
_Yttrande_över_styrelsens_redogörelse_väsentliga_händelser_ 13_6_ABL_KoD v1.pdf_
Boards Report on significant events
The boards’ report pursuant to chapter 16a section 7 Companies Act (swe)
2024.20 Disp fr budpl (Byrne – Kollect on Demand)
EGM 16 October 2024
Mashup Ireland_Proxy form EGM 2024
2023
Kollect – Postal voting form (SweEng)
Kollect – Proxy form (SweEng)
Kollect – Villkor_TC_2023_2026 (SweEng)
2022
Incentive Program 2022_2025 (ENG)
Incitamentsprogram 2022_2025 (SWE)
Proposed_Articles of Association
Kollect – Proxy form (SweEng)
Kollect – Postal voting form (SweEng)
Notice to Attend AGM June 2022
2021
Online Form
Postal Form
Notice to attend Annual General Meeting (English)
Notice to attend Annual General Meeting (Swedish)
2020 Annual Report in (English)
2020 Annual Report in (Swedish)
2020
EGM Notice: English
EGM Notice: Swedish
EGM Notification Form: English & Swedish
Postal Vote Form- EGM 2020: English
Postal Vote Form- EGM 2020: Swedish
Power of Attorney (with Voting instructions) – EGM 2020: English & Swedish
Power of Attorney (without Voting instructions) – EGM 2020: English & Swedish
Financial Calendar
Nasdaq First North is an alternative market operated by the different exchanges within Nasdaq.
Notable events for the Financial Calendar 2024
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Q4 2023 Report
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21/03/2024
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EGM
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27/03/2024
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Annual Report
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31/05/2024
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Annual General Meeting
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27/06/2024
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Q2 2024 Report
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26/08/2024
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IR Contact
Get in touch with our IR team today
IR Team
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