A round-up of today's other business news stories in brief
Lender to cease new mortgage business
Leeds Building Society had decided to withdraw temporarily from accepting new mortgage business in the Irish market, according to an e-mail sent by the lender to mortgage intermediaries yesterday.
The lender attributed the decision to the fact that “we have exceeded our expectations of where we planned to be” since entering the Irish mortgage market in 2006. Its Dublin office will remain open and will continue to provide support to its customers.
4m for Unidare shareholders
Shareholders in former industrial holdings group Unidare are set to share in a €4 million payment when the final stages of the company’s liquidation are completed this year, writes Barry O’Halloran.
Unidare’s board decided over three years ago that it would benefit shareholders if it opted to wind up the business,which was an industrial holding company with interest in Europe and the US. Shareholders opted for a voluntary liquidation.
The liquidator, David Hughes, of Ernst Young, has completed the business of realising the group’s assets and paying its remaining liabilities.
At the end of that process, the liquidator had just over €4 million cash in hand, which will be distributed to shareholders.
One of those who will benefit will be businessman Dermot Desmond, who held 26.6 per cent of Unidare at the time the wind-up process began in 2005.
Unidare’s final members’ meeting will be on November 11th at Ernst Young’s offices on Harcourt Street, Dublin.
Merrion joins programme with Ferring group
Listed Irish drug company Merrion Pharmaceuticals has entered into a second oral drug delivery feasibility study with Swiss-based Ferring Pharmaceuticals, writes Caroline Madden.
The collaborative programme will evaluate the ability of Merrion’s Gipet technology to boost the absorption rate of an undisclosed compound produced by Ferring, which specialises in fields such as infertility and urology.
“We are very pleased to have progressed to working on a second of Ferring’s compounds while also building a relationship with this important company,” Merrion’s chief executive John Lynch said.
Lender to cease new mortgage business
Leeds Building Society had decided to withdraw temporarily from accepting new mortgage business in the Irish market, according to an e-mail sent by the lender to mortgage intermediaries yesterday.
The lender attributed the decision to the fact that "we have exceeded our expectations of where we planned to be" since entering the Irish mortgage market in 2006. Its Dublin office will remain open and will continue to provide support to its customers.
