Dublin solicitor, Mr Noel Smyth's stake in property company Dunloe has fallen from 69 per cent to 42 per cent as a result of the recent rights issue, according to the company. However, Mr Smyth still remains the largest single shareholder.

The managing director of Dunloe, Mr Stewart Harrington, confirmed yesterday that 83.6 per cent of the company's shareholders had taken up their entitlements under the rights issue. The issue raised £3.5 million for Dunloe.

"Dunloe is now in a relatively strong financial position to assess new opportunities. In this regard, we are actively pursuing a number of possible acquisitions and would hope to be a position to make a further announcement shortly," said Mr Harrington in a statement released yesterday.