Advisers to the Jefferson Smurfit group have indicated that a high level of proxies have been received ahead of today's deadline for investors to vote on resolutions key to the buy-out of the company by the Chicago-based Madison Dearborn group.

Shareholders have been asked to approve the spin-off of Jefferson Smurfit's 29.3 per cent in Smurfit Stone Container Corporation (SSCC), which would entitle them to receive SSCC shares. The second resolution relates to the participation of Smurfit management in the deal.

The resolutions will be proposed at an extraordinary general meeting of the company on Monday. Shareholders must attend the meeting or return a proxy form to Capita Corporate Registrars in Dublin before 4 p.m. today. Forms can also be faxed to Capita Corporate Registrars at 01 8102422.

Some 54 per cent of Smurfit shareholders are in North America, 7 per cent in Britain and 2 per cent elsewhere in Europe. Around 18 per cent of the shares are held by Irish retail investors with a further 11 per cent owned by Smurfit directors.

One adviser said the level of proxies that had been received on Friday was ahead of what is normal before an extraordinary general meeting. The key resolution to be passed is the spin-off of the group's interest in SSCC, which requires the approval of 75 per cent of Smurfit shareholders who cast their vote.

The resolution to approve the participation of Smurfit management in the deal requires the approval of 50 per cent of the total votes.

The next key date for the offer is August 6th, the first closing date for acceptances. The offer requires 80 per cent acceptance if it is to go ahead.

Madison Dearborn, a private company, has valued Smurfit at €3.7 billion. The offer has been supported by Smurfit's management.