MR Dermot Desmond's investment company, International Investment & Underwriting, has continued to build up its shareholding in Unidare, the engineering group.
IIU now holds almost 8.3 per cent of Unidare after buying 500,000 shares last week to bring its stake to 1.64 million shares.
Last week's purchase of the 500,000 shares came after Unidare fell 40p in a day after one investor unloaded a line of stock of that size. The 500,000 shares were bought at between 180p and 200p each - the trading range on the day of the purchase.
IIU first bought into Unidare earlier this year but at significantly higher levels, and the previous line of 500,000 shares was bought in March by IIU at prices of 220p and 225p. The company seems to be adopting a policy of buying into companies which are currently performing poorly but have the capacity to improve.
Mr Desmond's company has also taken small shareholdings in two other poorly performing Irish engineering groups, Jones and Barlo, holding 3.3 per cent in Jones and 3.5 per cent in Barlo.
