Three directors representing 29.9 per cent of the group have told Jurys Doyle shareholders they are undecided as to how they will vote at the forthcoming extraordinary general meeting on the €260 million sale of a site in Ballsbridge.
The directors, representing the Doyle family interests, remain undecided as to the exact intentions of developer Sean Dunne, according to a source close to the family. Mr Dunne is set to buy the 4.84 acre site in Ballsbridge if the deal is given shareholder approval.
The board is recommending the sale of the site which is made up of the Jurys Ballsbridge Hotel, The Towers, The Berkeley Court Apartments and approximately 0.22 acres to the rear of the apartments.
Ms Gallagher and Ms Monahan are daughters of the late PV Doyle and Mr Roche is married to another of his daughters, Ann Roche. The three have indicated they will be voting as a group.
A source close to the Doyle family members said they had two objectives: to keep the Jurys Doyle group in the hotel business; and to have it remain as a plc. They are not intending to bid for the group.
An egm to allow shareholders vote on the sale is to be held on September 27th and for it to go ahead the sale must be approved by a majority of the votes cast. Mr Dunne, who holds a 24 per cent stake and who may be building his stake up to 29.9 per cent, is not allowed vote.
In a circular sent to shareholders at the weekend, the board stated that it is recommending the deal "and that it is in the best interests of the company and Jurys Doyle shareholders as a whole". It then listed the directors who intend voting in favour.
It stated that Ms Gallagher, Ms Monahan and Mr Roche "have not yet decided how they will vote in respect of their" holdings.
The Doyle family interests have supported the sale process up to now.
The source said that although meetings had taken place between Mr Dunne and the Doyle family, they have not led to any resolution. "That doesn't mean there will be no sale. It is just that there is some confusion. What does Dunne have in mind?
"If he is only interested in the site, then the vote will pass," the source said.
The family would be interested in going ahead with the proposed sale and also with the sale of the Berkeley Hotel site, but would be opposed to the sale of the Jurys Inns and the breaking up of the company, the source said.
The group is also pursuing the disposal of the Berkeley Court Hotel site but has yet to decide how to proceed with the sale. The site adjoins the site that is the subject of the egm.
Mr Dunne is expected to resume his buying of Jurys Doyle shares today.
