NET assets at property investment group Dunloe House have risen to £6 million since the end of the group's financial year last December, chairman Mr Noel Smyth states in the annual report.

In the report, Mr Smyth says that Dunloe has agreed a new lay out agreement with Quinnsworth for the redevelopment of Maynooth Shopping Centre and the upgrading of 20 retail units owned by the company. The Merrion Street apartment development in Dublin has achieved higher selling prices than projected, he added.

Dunloe has also agreed to buy five adjoining houses on Pembroke Street and plans to seek planning permission for a hotel.

The report shows that Mr Smyth now holds 38.1 per cent of Dunloe while his wife, Mrs Anne Marie Smyth has 4.9 per cent.

The biggest institutional shareholder is NatWest Irish Smaller Companies Investment Trust with a 6 per cent shareholding.

Dunloe's annual general meeting will be held on July 17th. One motion before shareholders will be to replace current auditors BDO Simnson Xavier.