Gresham Hotels has called on major shareholder Red Sea Hotels to clarify its intentions for the group.
Speaking at the group’s AGM in Dublin today, Gresham’s chairman Mr Sean Henneberry said the board believed it is incumbent on anybody seeking control of the group to make a fair offer to all the shareholders and allow them to evaluate such an offer.
"It would then be for the shareholders to determine the outcome, as is their right" he said.
Red Sea has spent more than €23 million on its stake in Gresham. It initially bought 16.6 per cent in May 2000 for €13 million from the Ashdown family, then 6 per cent from Donegal hoteliers Mr Brian and Mr Seán McEniff.
Mr Henneberry said Gresham had entered into discussions with Red Sea to discuss the future of the group but that Red Sea was not willing to reveal the details of its intentions.
Commenting on current trading conditions Mr Henneberry said 2001 had been a challenging year, but the group remains hopeful that the second half of 2002 may see a turnaround in business confidence.
But he warned that any hopes of a recovery must be tempered by the threat of further terrorist attacks on the US.