Beatty family brings Jurys stake closer to 10%

The Beatty family was heading towards a 10 per cent stake in Jurys Doyle last night after building on its existing position yesterday…

The Beatty family was heading towards a 10 per cent stake in Jurys Doyle last night after building on its existing position yesterday.

Sources said developer Sean Dunne was not as active in the market as the Beattys yesterday but he is known to be determined to lift his stake above the 25 per cent mark that would allow him to block special resolutions at the company.

About 2.2 million shares, or 3.5 per cent of Jurys, changed hands between Dublin and London yesterday, with the bulk of business coming at €18.50.

In a statement to the Stock Exchange yesterday morning, Bloxham Stockbrokers confirmed that the Beatty family - Walter Beatty Snr, his wife Frances Beatty and their children including Jurys director Walter Beatty Jr - had bought 0.3 per cent of Jurys on Friday. This lifted their collective stake to 7.9 per cent.

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An announcement from Dolmen Stockbrokers confirmed that Mr Dunne had raised his position to 23.96 per cent on Friday. It is thought Mr Dunne wants to reach a 29.9 per cent position that would leave him on equal footing with the Doyle family.

It emerged at the weekend that the Doyles have not yet decided on how they will vote on Mr Dunne's proposed purchase of the hotel group's Ballsbridge site for €260 million.

The Jurys board - which includes three representatives of the Doyle family - has, however, recommended the deal, according to a circular issued by the company.

Sources say the family members will support the transaction as long as they can be assured that Mr Dunne has no designs on Jurys other than to buy land.

Shareholders will vote on the transaction on September 27th.

Meanwhile, Niall Geoghegan, Jurys' marketing director, became the latest director to sell shares yesterday. Mr Geoghegan exercised 105,000 share options at €4.893 and then sold them at €18.65. He netted a profit of €1.4 million on the deal.

Úna McCaffrey

Úna McCaffrey

Úna McCaffrey is an Assistant Business Editor at The Irish Times