McInerney shareholder wants board to go ahead of vote

THE MCINERNEY plc shareholder who wants to sack the group’s board says it is offering the directors “one last opportunity to go gracefully” ahead of a vote to liquidate the company.

The group, which comprises the 21.45 per cent shareholder David Nabarro and his associates Kevin Lynch and John Garrett, was responding to a letter by McInerney chairman Ned Sullivan, who has written to shareholders informing them that the stock exchange-listed company’s board is to wind the company up.

An emergency general meeting will be held on July 29th, at which shareholders will be asked to vote on a resolution to place McInerney Holdings in voluntary liquidation.

“We are seeking to fire the board because they have done a terrible job and have given up hope of salvaging shareholder value (which they freely admit). We feel we can do better. We certainly can’t do worse,” the group, which runs the website Savemcinerney.com, said yesterday.

“We have received many letters of support from other shareholders. We feel that based on this and our own holding, we are likely to defeat the board’s resolution,” the group said.

“Our belief is that the board is seeking to wind up the plc basically to frustrate our resolutions and therefore avoid being fired.”

The troubled house-building company reiterated last night that there was no longer any remaining equity value in the company for existing shareholders and that the only option was to wind it up.