Directors of the Ewart property company are preparing to release the defence to a £21m takeover attempt by Dunloe House of Dublin.
The defence document is expected to suggest an even higher value for the Belfast-based company than in the latest figures. It is also expected to tell shareholders that Dunloe’s shares were the third worst performers in the UK property sector last year.
Ewart has rushed out interim results and a valuation. The valuation shows net assets of 81p a share compared with 62.5p in April 1996. The results shows a 33% rise in pre-tax profits to £1.09m in the half-year to December. Several ‘white knights’ are understood to have approached Ewart.
- The Daily Telegraph 19/01/98 page 23
