Hectic day on market sees 14pc of Jurys traded

Trade in Jurys Doyle was frantic yesterday, with nearly 14 per cent of the company changing hands in a matter of hours.

The main trader on the day was property developer Sean Dunne, who is thought to have both bought and sold in large volumes.

Market sources suggested last night that Mr Dunne could now have built his stake beyond 20 per cent, thus giving him the right to block any compulsory purchase of his shares in the event of a takeover.

Liam Carroll, another developer, may also have been back in the market and could now control more than 10 per cent of the company.

It also emerged yesterday that Mr Dunne is mulling over a possible bid for Jurys in his own right.

Having been asked by the Takeover Panel to clarify his position on the hotel group, Mr Dunne said he was reviewing all his options, "which may include the possibility of an approach to or offer for the company".

"We do not wish to foreclose the possibility at this time of making such an approach or offer in the future," said Mr Dunne in a statement to the Irish Stock Exchange.

He made it clear, however, that he had not engaged advisers to guide him through a bid and, equally, had not sought funding for an offer.

In a separate development, the Reuben brothers confirmed yesterday morning that they remained interested in making a bid for Jurys.

The brothers had previously been equity backers to Precinct, the consortium that exited the takeover process earlier this week.

They told the Stock Exchange yesterday that they were considering their options but warned that "such considerations are at an early stage and there can be no certainty that an offer will be made".

In his statement to the exchange, Mr Dunne noted that he had met the Jurys chairman, Richard Hooper, the firm's chief executive, Pat McCann, and "other interested parties" in an effort to "determine a strategy for the company going forward".

He said he had sought "further meetings with substantial shareholders", indicating that meetings would continue next Tuesday, the day that Jurys will issue interim results.

Mr Dunne said he could not predict how these meetings would go. He went on to declare that he had not yet decided how he would view an offer for Jurys that might emerge from a third party.

NCB was the most active broker in yesterday's trade, first selling stock for Mr Dunne and then, according to market sources, buying more shares on his behalf.

Mr Dunne first sold 2.1 million shares at €17.90, thus reducing his position from 18.23 per cent to 14.9 per cent to comply with an instruction from the Takeover Panel. The panel had ruled on Thursday that Mr Dunne had to cut his position because he had bought too many shares in too short a period in the previous week.

Sources said the sale was quickly followed by the purchase of at least 3.3 million shares, or 5.2 per cent of Jurys.

This would have lifted Mr Dunne's stake to 20 per cent, with most trade done at €17.96.

Mr Carroll meanwhile confirmed to the market yesterday that he had raised his stake to 7.4 per cent on Thursday by buying 440,000 shares at €17.85 and €17.95. Sources suggested Mr Carroll added to his stake yesterday.

Under takeover rules, all such trades will need to be disclosed to the Stock Exchange on Monday.

Jurys closed last night at €18, up 25 cent on the day after volume of almost nine million shares was recorded. At this price, Jurys is valued at €1.14 billion.