Belfast property group Ewart is still involved in discussions with the British land company Town Centre Securities, and sources close to Ewart have dismissed reports in the British press that Town Centre is "highly unlikely" to make a bid for Ewart.

Ewart is currently involved in a hostile takeover bid from Dublin property company Dunloe House, and has already stated that it is in discussions with two other parties, one of which was confirmed at Town Centre. The other interested party is a consortium headed by the chairman of Ulster Television John McGuckian.

Ewart shares were unchanged yesterday at 77p sterling, well above the 67p sterling offer from Dunloe House.

Dunloe has just extended its offer to Ewart shareholders until February 18th, but most analysts believe the Dublin company, controlled by Noel Smyth, will either have to increase its offer or withdraw.