The board of McInerney Holdings resigned this morning after a proposal to put the troubled house-builder into voluntary liquidation was rejected by shareholders.
Rebel shareholder David Nabarro, who owns 21.45 per cent of the group, was co-opted onto McInerney’s board after the company’s extraordinary general meeting in Dublin city centre earlier today. Two of Mr Nabarro's colleagues also joined the board.
Of the 50 per cent of shareholders who voted on the voluntary liquidation resolution, some 73 per cent rejected the proposal.
Chairman Ned Sullivan told shareholders at the egm that the plc "has run out of cash, has no assets of worth and no bank facilities".
Its main Irish businesses are in receivership, the UK businesses have been sold, as has its Club business in Spain, and its remaining Spanish businesses have been placed into insolvency procedures, he said.
Last week, the Supreme Court ruled against a rescue plan for the business backed by US private equity fund Oaktree Capital, and the Irish companies are now in receivership.
"In this situation it is not realistic to consider that there is any equity value for the shareholders in such a receivership," Mr Sullivan said.