A take-over of Seafield by Imari, the Irish quoted transport company based in Britain, is not in prospect because shareholders are unwilling to sell their shares at prices that are lower than the stock market value after waiting for years for the company to regain profitability.

Seafield chairman, Mr Jonathan Glanz, said at the company's annual general meeting yesterday "Shareholders haven't suffered this long to be paid less than the market value for their shares. Informal approaches have been made to some of the major shareholders but the offers have been given short shrift. "Even though the company may appear vulnerable to a take-over, this is limited by the fact that Fidex are a blocking minority, with a holding of 29.9 per cent.". One shareholder complained that Seafield was still as poor as a church mouse and that the only hope for the company was a possible take-over by Imari. But Mr Glanz said: "We are alive and kicking, any obituaries are premature to say the least. Our current share price does not reflect the current position of the company, with a turnover of £1 million sterling a month, perhaps because people still regard us as a property company and concentrate on past problems that are now solved."

On the issue of dividends the board of directors was unwilling to commit itself to giving a dividend in the next year because Mr Glanz said: "We are looking at a number of possible acquisitions and deals, similar to the recent Unilever contract.