The purchaser of 18.6 million Dunloe Ewart shares, or 4.8 per cent of the firm, on Monday at an average of 48 cents per share, has been identified as Mr Tom Jones. An accountant, he has interests in the IT sector and retail food business, as well as property interests.

He is known to the Orb Estates directors. But Orb, which is starting to have takeover discussions with Dunloe Ewart, is understood to have assured Dunloe Ewart that he is not acting for them. Following the High Court decision, Dunloe Ewart has announced that its board, and chairman Mr Noel Smyth, will be in attendance today at 11 a.m. at the Shelbourne Hotel in Dublin "for the purpose of formally withdrawing the resolution to approve the proposed scheme of arrangement". Also, the High Court "has put the scheme of arrangement in for mention on October 23rd".

All forms of election for today's meeting by shareholders "are released and shareholders who delivered them may freely deal in their shares".

Vantive Holdings, the property vehicle used by Zoe property developer, Mr Liam Carroll, had accumulated a 13.58 per cent stake up to last Friday.

Mr Carroll has not yet indicated his intentions towards Dunloe Ewart, but yesterday's attempt in the High Court to stop Dunloe Ewart's proposal to cancel today's meeting, called to privatise the company, gives the first glimpse of his apparent strategy. If he intended to vote for the privatisation, then this strategy appears to have backfired. Also, he started to accumulate his holding without the knowledge that Orb Estates had made a takeover approach to Dunloe Ewart, two days earlier.

Market sources continue to speculate he may seek to do a deal with Mr Smyth on some of the group's portfolio. The other option would involve a takeover bid. But he has continued to refuse to meet Dunloe Ewart, according to market sources. Orb Estates is understood to have produced a letter from the Bank of Scotland which would allow it to proceed with a bid.