Director seeks 15% holding in Monarch
A COMPANY director is looking for a 15 per cent share holding in Monarch Properties (Holdings) Ltd, a company he claims he helped build into a thriving and profitable business, the High Court was told yesterday.
Mr Justice Barron directed that the court hear proceedings as soon as possible as to whether Mr Edward Sweeney of Alma Road, Monkstown, Co Dublin, was entitled to a 15 per cent interest in the group.
He also ordered Monarch directors Mr Philip Monahan, of Somerton, Castleknock, Co Dublin, and Mr Dominick Glennane, of Mulaharlin Road, Dundalk, Co Louth, not to dispose of any assets without giving Mr Sweeney seven days notice and giving him the terms on which it was intended to dispose of assets.
He held, however, that the directors should be allowed to manage the affairs of the group provided they managed them in line with their fiduciary obligations.
Mr Bill Shipsey SC, for Mr Sweeney, told Mr Justice Barron that Monarch Property (Holdings), had a large number of properties around the country and in Britain.
He said a related company, Whitemoss Ltd, was 50 per cent owned by Monarch Properties Ltd and another business, Middlesfield Ltd, was owned jointly by Mr Monahan and Dublin solicitor Mr Noel Smyth.
Mr Shipsey said that, at present, the registered shareholders in Monarch Property (Holdings) were Mr Monahan, who either directly or through co-operative ventures held 80 per cent of the shares and Mr Glennane, who held 20 per cent.
Mr Sweeney claimed to be entitled to a 15 per cent shareholding, which would reduce Mr Monahan's holding to 65 per cent. Mr Sweeney was not a registered shareholder and had brought proceedings seeking a declaration to the effect that he should be registered. These would be heard at a later date.
There had been undertakings to maintain the status quo but the defendants were not prepared to continue those undertakings to the trial of the action.