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I therefore started reading it and here is some of the interesting things I discovered.

On page 13 there is a profile of Moralltach that states the following: Moralltach initially concentrated its main focus on the Irish property market including property development.

This gave me the impression that they had property worth €230m, WTE projects already valued at €359m and Blue Sky projects worth €53m.

I was surprised by this because I never expected that they would have WTE projects worth €359m!

Within 18 months this had grown to over a Euros 100,000,000 property portfolio.

The Company has first mover advantage regarding supply of raw material, the sale of power from the digester and the use of the best workers in the country regarding this type of power generation.

The Company later focused on the Green Energy Market; in particular, the Waste to Energy Sector as it became apparent that good opportunities were available in the sector.

Moralltach began its life with an initial property portfolio at a value of €30,000,000.

The Operator manages the WTE System and pays an annual fixed payment to Moralltach as a yield.

Once again, even after reading the detailed explanation, I was unsure as to exactly what they were doing but given that the prospectus was 85 pages long I hoped that I would eventually get to understand everything.

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