SHARES in property group Dunloe jumped 5p to 39p yesterday, apparently on speculation that the company was close to finalising an important property deal. To complete the deal Dunloe will have to raise "substantial" funds from shareholders.

In a statement issued after the close of trading yesterday, Dunloe expressed surprise at the increase in its share price over the past week. It disclosed that the company had been engaged for some time in discussions "on acquiring an option over certain private companies properties and related assets". The discussions are ongoing and a deal would necessitate "substantial additional financing".

The Dunloe share price has risen from 31p on February 11th. A company source decline to give any details of the Dunloe target but said it was too early to say whether the discussions would be successful.