Carroll nudges Dunloe stake over 20%

Reclusive builder Mr Liam Carroll, of Zoe Developments, has bought a further 18.64 million shares in Dunloe Ewart, bringing his holding in the company to just over 20 per cent.

The move came as Treasury Holdings prepares a renewed or improved offer for another listed property company, Green Property.

Mr Carroll spent €9.32 million (£7.34 million) buying 5.1 per cent of Dunloe, having bought the shares at 50 cents. Before yesterday's move he had 14.97 per cent. His intentions are not clear.

Dunloe's chairman, Mr Noel Smyth, said yesterday he had had no contact with Mr Carroll.

"I haven't a clue what's going on," he said. "It would be nice if he gave us a ring."

Mr Smyth did not know who the vendor of yesterday's shares was and would not know this until today.

Mr Carroll's move means his Dunloe shareholding is just under that of Mr Smyth and his wife, who own a little more than 22 per cent. Mr Smyth said that if the shareholding held by Mr Phil Monahan - believed to be 6 per cent - was included with that of Mr Carroll, it would mean his stake in the company was exceeded.

This was not a matter which would concern him, he said, and if someone wanted to make him an offer, he would listen. Last week, Mr Carroll unsuccessfully tried in the High Court to prevent Mr Smyth abandoning plans to privatise Dunloe.

A UK registered firm, Orb Estates, is conducting due diligence on Dunloe following an Irish Takeover Panel decision that Dunloe should co-operate with it. Dunloe had argued that Orb had not shown it had the finance to back a bid.

The due diligence is scheduled for completion by Friday and Mr Smyth said he would expect some move by Orb within a week. Orb has still not shown Dunloe that it has the money to make a bid, he said. If nothing happened by Friday week, Dunloe would go to the Takeover Panel.

Meanwhile, it is understood the property group, Treasury Holdings, is considering making an improved offer for the industrial and commercial real estate group, Green Property.

Green Property issued a statement yesterday saying it had received a bid approach from an unidentified consortium but had been unable to recommend the offer on the terms outlined.

"The consortium, which had not involved any of Green's own management, had expressed an interest in making a recommended offer for the company's share capital," the statement said.

"The board responded it would not be prepared to recommend an offer on the terms indicated."

The bid referred to is understood to have been an approach by Treasury Holdings, which was asked to consider making an improved bid and is now considering doing so. The Green statement said a management buy-out team which was considering an offer for the company had decided not to proceed.

The Dunloe share price closed at 49 cents yesterday, down 1 cent, while Green closed at €6.40, up 14 cents, on a low volume of trading.