TWO of Northern Ireland's most prominent property developers, Mr Derek Tughan and Mr Harry Sproule, are behind Ashquay Group's hostile £21.1 million sterling bid for the British property company UK Estates. Ashquay is offering 10 of its own shares for every 13 UK Estates shares and is also planning to raise £3.5 million sterling in a rights issue.

In his statement, Ashquay chairman Mr Tughan said his group approached UK Estates with a view to making a recommended offer, but had not yet received a response.