Mr Dermot Desmond is continuing to build up his shareholding in property company Dunloe Ewart as pressure mounts on executive chairman Mr Noel Smyth.
Disclosure notices published today show Mr Desmond's company, IIU, bought over 4.5 million Dunloe shares at prices ranging from 43 to 45 cent a share yesterday, bringing Mr Desmond's holding to 15.64 per cent of Dunloe.
Mr Desmond and another Dunloe shareholder Mr Phil Monahan have called on Dunloe to hold an EGM at which they will seek to oust Mr Smyth from the board.
They want to appoint five new directors, including Mr Monahan; use existing surplus cash to buy back shares at 50 cents per share; and "sell the remaining assets at the best possible price for the benefit of all shareholders," according to a letter released yesterday.