The shareholders of Blarney Woollen Mills Limited have "resolved their differences" and are proposing to divide the assets of the company between them. The process will see some stay with the existing company and others move to a new company, the High Court has been told. The proposal is subject to shareholder and High Court approval.

Mr Justice O'Sullivan granted an order directing that a meeting of the company be summoned for June 14th for the purposes of considering and voting on the proposed scheme of arrangement, which will see the disaffected shareholders taking over the Kilkenny division of the company as a going concern.