French increases Unidare stake

Unidare's future as a listed company was in focus again yesterday when it emerged that former Goodbody Stockbrokers chairman Mr Ray French holds more than 10 per cent of the company.

Mr French, who is based in the Isle of Man, raised his stake in the industrial supplies firm to 10.32 per cent last week through Strongbow Capital, a fund linked to the French family.

Strongbow, registered in the Bahamas, bought 60,000 Unidare shares on Wednesday, raising the fund's stake in the company from 3 per cent to 3.38 per cent.

The French family already held 6.54 per cent of Unidare via Isle-of-Man vehicle Kappa Alpha and a further 0.4 per cent through an entity called Sky Hill.

An announcement posted to the Irish Stock Exchange yesterday confirmed that Strongbow was a "concert party" with Kappa Alpha and Sky Hill.

The intentions of the French family are not known, and efforts to contact Mr French yesterday were unsuccessful.

The share purchase is likely to spark investor interest, with Unidare seen as a prime candidate for corporate activity.

Unidare's largest shareholder is Mr Dermot Desmond's investment company IIU Limited, which holds a 26.6 per cent stake.

Dillon Investments owns 12.4 per cent.

The company's most recent results show a 40 per cent drop in pre-tax profits to €4.4 million for last year.

Shares in Unidare climbed 7.4 per cent in Dublin yesterday, closing at €1.45.