AQUADOME shareholders have been invited to an EGM on Thursday, November 7 to approve the transfer of assets and business from Tralee Waterworld plc to a newly created entity, Tralee Aquadome clg.

Tralee Waterworld plc which was established in 1994 is the entity that owns and operates the Aquadome.

The Board is of the view that a plc corporate structure is no longer the most appropriate entity for the Aquadome as it is a community facility established and maintained for the benefit of Tralee and its visitors.

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The Chair of the Board of Tralee Waterworld, Brian Durran, said, “The Aquadome continues to be an enormously popular and economically beneficial attraction for Tralee and the entire county. It is our view that the more appropriate structure going forward is a company limited by guarantee (clg).

“The reason it was initially established as a public limited company (plc) was to raise the share capital needed to construct the facility and no financial return for shareholders was ever envisaged. As a community endeavour, the return for shareholder investment has always been the valuable contribution the facility makes to the economy of Tralee and Co Kerry.”

In a letter to the shareholders, Mr Durran thanked them for their investment that was critical to the success of the venture without which the Aquadome could not have been built.

Brian Durran added, “As a company limited by guarantee, the Aquadome will be eligible to apply for grant aid and other various financial supports that may not typically be available to publicly owned companies. The proposal to change the Aquadome’s corporate structure will better position itself to successfully apply for grant support. It is our view that this new structure is more appropriate for a community owned facility.”

This proposal has also been fully endorsed by Kerry County Council which owns a significant shareholding in the Company. Kerry County Council and Tralee Chamber Alliance are members of Tralee Aquadome clg.

The EGM will take place at the Manor West Hotel, Tralee, Co. Kerry at 7pm on Thursday 7th November 2024.

In circumstances where the resolutions are passed at the EGM, the board will convene a further EGM to approve the liquidation of Tralee Waterworld plc as that company will no longer have any assets or business following the transfer of these to Tralee Aquadome clg.

The effect of the liquidation will result in all shareholders surrendering their shareholding investment, with no return.

All shareholders have been issued with a detailed explanation of the proposals being put to them and the procedures involved in the process.

Mr Durran and the Board are looking forward to presenting the resolutions at the EGM and are confident that the process will move forward efficiently with shareholder backing.