PROPERTY investment group Dunloe House is looking at three substantial new projects and considering joint ventures with a number of groups of investors, according to the chairman, Mr Noel Smyth.
Speaking to shareholders at the company's a.g.m. in Dublin yesterday, Mr Smyth stressed that Dunloe would be "prudent" in its approach, "sensible" in control in its costs and "very select" in assessing potential property acquisitions.
"Our sole focus of attention is on development opportunities which present profit and capital growth potential," he said.
Dunloe made a good start this year, he said, actively adding to its portfolio of properties, mainly in the Dublin area. The buoyancy in the property sector throughout Ireland had resulted in an exceptionally high level of activity, which was likely to continue.
But due to a company deficit of £4.2 million Dunloe would not be in a position to pay a dividend to shareholders.
A proposal to cancel the deferred shares and the credit in the share premium account, to eliminate that deficit, had received High Court approval, clearing the way for the company to pay a dividend in the future, he said.
