Dublin solicitor Noel Smyth has upped his offer to Dunloe Ewart shareholders by 4 cents a share to 51 cents. Shares in the property group moved up 5 cents to 39 cents yesterday on the news which values the company at €291 million. The offer will be put to shareholders at a meeting scheduled for September 8th.

Mr Smyth, who is chairman of the company, needs the approval of 70 per cent or more of the company's shareholders in order to proceed with his plan to take the group private. Mr Smyth will put up €24.5 million (£20 million) of the purchase price with another €76 million coming from British Land. The UK property company will in return take stakes in a number of Dunloe assets that Mr Smyth plans to develop after taking the company private. Additional funds will be raised through selling assets.

Mr Smyth launched his bid to take the company private because, he said, the low ratings attached to small quoted property companies meant it was not possible for the group to raise the money it needed to develop the sites which include Sir John Rogerson's Quay in Dublin and Royal Avenue in Belfast.

He said yesterday that if he gets between 50 per cent and 70 per cent acceptance he will proceed with a hybrid plan that will see the company dispose of some assets and raise money from the shareholders who decide to stay with the company. The money will be used to buy back the shares being sold by the departing shareholders and fund future developments.