Taggart yet to get Dunloe offer

Financier, Mr Paschal Taggart has not yet received a definitive offer for the 27 per cent stake in Dunloe Ewart that he purchased from Mr Noel Smyth on Monday.

Mr Taggart said yesterday that he had not begun talks with any party with regard to selling his stake, despite the holding attracting "tremendous interest".

"I'm getting a lot of calls with a lot of interest," he said, adding that he had "a reasonable price in mind" for a resale.

Mr Taggart funded his €47.2 million share purchase through borrowing, making it likely that he will conclude a deal quickly in order to cut interest costs.

"I expect different people to talk to me," he said, declining to comment directly on reports that he was to sell the stake to property developer, Mr Liam Carroll.

"I have my own view as to where it might end up," said Mr Taggart. "I've unlocked this situation and I hope I'll be in a position to move it forward."

He acknowledged, however, that other parties may not be attracted by the prospect of engaging with Mr Liam Carroll and Mr Dermot Desmond, who between them own almost half of Dunloe.

If either man purchases Mr Taggart's shares, a bid for the entire company will automatically be triggered.

"It's a fluid situation but it's not that fluid," said Mr Taggart. "I think I'm in a good situation."

Meanwhile, Dunloe non-executive director, Sir David Fell, has resigned from the company's board.

Sir David had recommended Mr Noel Smyth's offer for the company to shareholders as "fair and reasonable" before it was withdrawn.

A spokesman said yesterday that Sir David had resigned for personal reasons, citing difficulties attached to frequent travel between Dublin and the North, where he lives.