Mr Edward Sweeney has withdrawn his claim to a 15 per cent stake in Monarch Properties (Holdings) as part of a settlement between the two parties. In return, Monarch, whose major shareholder Is property developer, Mr Phil Monahan, has agreed to withdraw all claims to ownership, or interest in the Dun Laoghaire Pavilion, site, or in the planned leisure complex on the site. A joint statement said the parties were "pleased that they have been able to resolve their legal difficulties in this amicable fashion".
Mr Sweeney has also tendered his resignation from Monarch "by mutual agreement". He had been a director.
Mr Sweeney had taken a High Court action against Monarch and, had sought a declaration that he was entitled to a 15 per cent stake in the company. He claimed he was entitled to the shareholding on foot of, an agreement concluded in July 1986 during a meeting of the group of directors. Monarch denied the claims and said it had never represented to him when he took employment with the group that he would be given a shareholding.
Mr Sweeney has now withdrawn all claims to ownership in Monarch or in any company in the Monarch group.
He is a shareholder, along with other investors, in the company which will develop the Pavilion site.
The Dun Laoghaire/Rathdown county council granted the developers a licence to develop the site which has full planning permission for a 50,000 sq ft leisure complex. This will consist of a 500 seat theatre, an underground public cart park for 200 vehicles and 79 luxury apartments. The development will, cost around £10 million and is, scheduled to start next year.
The Monarch group has a retained 25 per cent interest in the Cherrywood/Cabinteely housing development together with an interest in a 250,000 sq ft commercially zoned area. It is involved in the development of the Dominican Convent site at Dun Laoghaire, the Bloomfields Shopping Centre. A multiplex cinema complex, is scheduled to be opened next May.
Monarch has commenced work on a new £20 million development on the Llanelli Town Centre Shopping Centre, in Wales, in a joint venture with Redrow. Also it is in a joint venture agreement with the Tralee Urban District Council to develop a £15 million tourism centre at Dan Spring Road, in Tralee.
