THE board of Monarch Properties is to sell half of its interest in the Cherrywood site in Cabinteely, Co Dublin, to a company controlled by solicitor Mr Noel Smyth.

The move follows the lifting of an interim injunction in the High Court yesterday. The injunction had been sought by Mr Edward Sweeney, a minority shareholder in Monarch who is also the group's development director.

Mr Sweeney had been granted the injunction on October 9th pending full receipt of details of the deal whereby 50 per cent of Cherrywood would be sold to Aviette. Monarch's interest in the site was valued at £8.5 million. It is understood Mr Smyth's company will pay £1.68 million for its interest.