Monarch Properties Holdings, a holding company controlled by Mr Phil Monahan (80 per cent) and Mr Dominick Glennane (20 per cent), will receive new Dunloe shares, valued at £10.6 million, for backing properties into Dunloe House. Mr Noel Smyth, and his wife Anne Marie, will receive the same number of shares for backing their properties into the company, writes Bill Murdoch. According to the takeover document, Mr Phil Monahan is to have consultancy agreement with the enlarged Dunloe, giving him a total of £500,000 over a five year period. It also shows that Monarch Property Services, a subsidiary of Monarch Properties Holdings, will receive £750,000 in fees for architectural services over a two-year period. Under a proposed new management structure, Mr Smyth will become executive chairman of Dunloe. He has no service contract and will receive no remuneration for his services. Mr Philip Byrne, a director of Aviette, a property company controlled by the Smyth family, will become managing director - the terms of his service contract have not be finalised. Mr Glennane, commercial director of Monarch, and Mr Noel Murray, marketing director of Monarch, will join the Dunloe board. Mr Stewart Harrington, currently managing director of Dunloe, will become executive deputy chairman with a basic salary of £90,000, with the entitlement to a bonus of up to £250,000, based on targets in the two years to December 1997.

Dunloe also proposes to introduce two new share option schemes for employees based on performance. No more than 10 per cent of the equity will go on the schemes.