Doyle sisters' Jurys stake at 29.9%

The three Doyle sisters who sit on the board of Jurys Doyle are believed to be in control of 29.9 per cent of the company after buying more shares yesterday.

This is the maximum shareholding they can own without being forced to launch a bid for the hotel group.

It allows them to block special resolutions of the type needed to permit large asset disposals.

While few in the market expect the family members to attempt a takeover of Jurys on their own, there is a growing expectation that they will now negotiate a deal with Sean Dunne, the property developer.

Market sources suggested last night that the Doyles could organise a buyout in conjunction with Mr Dunne that would allow for the sale of the Jurys Inns business to a third party.

A successful bid would probably have to top €19 per share.

In a statement to the Stock Exchange yesterday morning, NCB said Mr Dunne now controlled 21.92 per cent of Jurys, following the purchase of 380,000 shares at €18.25 on Tuesday

Mr Dunne is not thought to have added substantially to this position yesterday.

Another statement from NCB confirmed meanwhile that the broker had purchased 2.6 million shares on Tuesday on behalf of the Doyles. The broker said it had bought the shares for Netherfield Developments, a company owned by Bernie Gallagher, Eileen Monahan and Anne Roche, the three daughters of deceased hotelier PV Doyle who sit on the Jurys board.

Netherfield, which has as its principal object "general construction of buildings and civil engineering works", is thought to have been behind the purchase of another 669,350 shares at €18.50 yesterday.

Tuesday's purchases were made at an average price of €18.20. In total, the three sisters have spent about €60 million on stock over a two-day period.

Shares in Jurys eased yesterday as volume died out in the afternoon. About one million shares were traded in total, with the stock finishing 20 cent lower at €18.15.

When all of the large shareholders in the company, including management and other directors, are added together, about 80 per cent of Jurys is now tied up in the hands of a very small group.

The intentions of Liam Carroll, the developer who built up an 8.3 per cent stake in Jurys at prices above €18.00 last week, have not yet been made known.

With two other shareholders in such dominant positions, however, Mr Carroll's position is becoming weaker by the day.