Ewart, the Belfast property company, is to progress discussions with interested parties and accelerate publication of its interim results as part of its rejection of Dunloe House's unwanted bid. A letter to shareholders urges them to "do nothing and not to return the form of acceptance". Ewart promises its shareholders that it "will continue to explore every avenue to maximise shareholder value, including progressing discussions with a number of parties who have approached the company in the period since Dunloe's announcement of November 3rd, 1997".
These companies, understood to be involved in property, expressed "an interest in making an offer for the company". However, Ewart has not yet received a counter offer. Ewart reiterates that the £21.1 million sterling (£25 million) offer is in the "same terms as one already rejected by your board". The reasons for the rejection and the plans for the company "will be set out in a defence circular" which will be published before January 21st.
One of its defences will be the interim figures to December 31st, 1997. These will be released next Friday. They are expected to show good results and improve the net asset backing for the shares.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)