Carroll opposes Desmond and Monahan plan

The media-shy property developer Mr Liam Carroll has commented in relation to his holding in Dunloe Ewart for the first time.

The businessman said he is opposed to the proposal from fellow shareholders Mr Dermot Desmond and Mr Phil Monahan that the company sell off the assets of Dunloe. Mr Carroll has a 29.99 per cent holding in the company.

Sources said Mr Carroll sent a statement to the Stock Exchange yesterday expecting that it would in turn be published by the Exchange. When this did not happen, the same text was sent out as a "press release".

It is the latest twist in the battle for the control of Dunloe between its chairman and 26 per cent shareholder, Mr Noel Smyth, Mr Desmond, Mr Monahan and Mr Carroll, all of whom have significant stakes in the company. Mr Desmond's stake rose to 16.17 per cent on Wednesday.

On Monday Mr Desmond and Mr Monahan - who has 6.7 per cent - asked for the holding of an e.g.m and published a list of resolutions which called for the removal of all the Dunloe directors apart from the two executives Mr Tim Kenny and Mr Noel Murray, and the appointment of new named directors.

In a press release they said they wanted to buy back Dunloe shares at 50 cents using the company's cash reserves and then sell off the company's assets.

Mr Carroll, in his statement yesterday, said: "On November 4th, 2002, Mr Dermot Desmond and Mr Philip Monahan requisitioned an e.g.m. of the company for the purpose of voting on certain resolutions, one of which approves the selling of the company's assets.

"Mr Liam Carroll wishes to communicate to Mr Desmond and Mr Monahan his disapproval of their proposal to sell the company's assets.

"Mr Carroll has long held the belief that disposing of the company's property is disadvantageous to the shareholders. Mr Carroll requests that Mr Desmond and Mr Monahan reconsider their plan to liquidate the company's assets."

The Dunloe board met on Tuesday and considered the request for an e.g.m. They sought clarification from Mr Desmond, Mr Monahan and Mr Carroll, even though the latter had no role in calling for the e.g.m.

Mr Smyth, who has for a long time been calling on Mr Carroll to express his views on Dunloe, has asked the Takeover Panel to investigate whether Mr Desmond, Mr Monahan and Mr Carroll are acting in concert.