There was further trading in Dunloe Ewart stock yesterday, with 3.3 million shares or just under 1 per cent of the company changing hands.

Once again it is understood the builder associated with Zoe Developments, Mr Liam Carroll, was involved in the purchase of the property company's shares. The share price remains 50 cents. A statement issued by the Stock Exchange earlier yesterday said Mr Carroll's investment company, Vantive Holdings, had 19.64 per cent of the company at the close of business on Thursday.

Mr Carroll's intentions towards Dunloe are not known and the Dunloe chairman, Mr Noel Smyth, said he had no communication from Mr Carroll in relation to the matter.

Under Irish takeover panel rules Mr Carroll is restricted in the number of shares he can purchase before Wednesday next. He bought about 5 per cent of Dunloe on Wednesday and is restricted to buying a maximum of 5 per cent more before next Wednesday.

If he increases his shareholding to 29.9 per cent, then he is obliged to make a bid for the entire company at the highest share price he has paid while accumulating his stake.

A due diligence exercise of Dunloe being carried by Jersey-based Orb Estates was due to be completed yesterday. The company showed an interest in Dunloe, which later expressed a doubt as to whether the company had the finance in place to go ahead with any bid.

The takeover panel then arbitrated on the issue which in turn led to the commencement of the due diligence. Mr Smyth has said he expected Orb Estates to make a statement as to its intentions within a week of the due diligence being completed.