Waiting for the kingmaker

One More Thing:Liam Carroll's stakebuilding at Greencore this week pushed the food group's share price to record levels but investors might have to wait to some time yet before the property developer makes his move.

Carroll's interest surrounds Greencore's 900-acre landbank, particularly its sites in Carlow and Mallow. The company has submitted detailed development proposals to the local authorities in both areas for consideration.

A decision on Mallow is expected first, probably in September or October. Informed sources say it could be March or April of next year before any word is received on Carlow, which, given its proximity to the town centre and to Dublin, is the real star in Greencore's property portfolio.

With 29.5 per cent of the shares now in his ownership, Carroll has built a strong, defensive position in the stock over the past 12 months. He is the kingmaker.

If he chooses, he can bide his time and await the decisions from Mallow and Carlow. By then, we should also have a clearer picture about the health of the Irish construction sector.

Carroll has form. He built his stake in Dunloe Ewart over two years before wresting control of it away from Noel Smyth.