COUNTYGLEN, whose shares have been suspended for four years tomorrow, now has less than a week to demonstrate why the Stock Exchange should lift the suspension.

The Irish Stock Exchange board is to meet next Friday October 25th, to consider CountyGlen's position.

CountyGlen is said to be close to acquiring a British engineering company for £1.2 million. The company, Thomas Storey, manufactures shipping containers and mechanical shovels and diggers.

CountyGlen must show that it has the type of business which is suitable for a listing before the exchange lifts the suspension. CountyGlen will have to have called a meeting of shareholders to approve any deal and in reality, it will have to do so before next Friday.

Sources said last night that the Stock Exchange might give CountyGlen a further extension of time if it could prove that it had almost concluded a deal. However, sources stressed that a further extension was by no means certain.

Last April, when giving CountyGlen a further extension, the exchange said the company would have to publish listing particulars which demonstrated its compliance with all listing requirements, including the appointment of a sponsoring stockbroker. CountyGlen now has MMI Stockbrokers to sponsor it.

CountyGlen chief executive, Mr Niall Duggan, declined to comment when contacted. Another source said the company was on course to conclude a deal.

CountyGlen would be able to fund the acquisition of Thomas Storey for around £1.2 million as it has money following a settlement earlier this year of actions it took against Anglo Irish Bank, solicitors Connolly Sellors Geraghty Fitt, and members of the Carway family. The Carways did not contribute to the settlements.

The litigation arose following a report into CountyGlen which concluded that Mr John Carway was behind a fraud that cost the company £1 million. Mr Carway rejected the conclusion.