Dunloe Ewart to call egm on share offer

Dunloe Ewart will hold an extraordinary general meeting to discuss the offer for the company made by Mr Dermot Desmond and Mr…

Dunloe Ewart will hold an extraordinary general meeting to discuss the offer for the company made by Mr Dermot Desmond and Mr Phil Monahan.

A notice convening an egm will be sent to shareholders within the timeframe stipulated under the Companies Acts.

Mr Desmond and Mr Monahan, who have built up a substantial stake in Dunloe, have proposed "to use the existing surplus cash resources to buy back shares at 50 cent per share and ... sell the remaining assets at the best possible price in an open and transparent manner for the benefit of all shareholders."

The Dunloe directors said that they intend to seek from IIU and Monarch urgent and detailed clarification of the proposal.