Property developer Mr Liam Carroll has achieved his objective of blocking Dunloe Ewart's plans to buy back 34 million shares, after yesterday's extraordinary general meeting failed to back the buyback resolution with the required 75 per cent majority. The e.g.m. did, however, approve the sale of 20 properties for €156 million (£123 million), with Mr Carroll supporting this resolution.

The outcome of the buyback resolution was never in doubt from the outset as - ahead of the e.g.m. - Mr Carroll had indicated that he would vote his 27.2 per cent of the shares against the resolution. As it transpired, just over 50 per cent of those present at the e.g.m. or who had voted by proxy supported the buyback resolution.

Mr Carroll did not attend yesterday's meeting and the only contribution on his behalf was made by solicitor Ms Eileen Grace of Eugene F Collins Solicitors who told the meeting of Mr Carroll's voting plans. Chairman Mr Noel Smyth, who owns 24 per cent of Dunloe Ewart, said the board had looked at options to provide value for shareholders, but had opted for the buyback at 55 cents a share.

There has been speculation that Mr Carroll, who is sitting on a €5 million loss from his Dunloe investment, may be aiming to get control of some of Dunloe's prize assets, particularly the development sites at Sir John Rogerson's Quay in Dublin's dockland. But Mr Smyth told a shareholder that if any of the prize assets were to be sold, it would be on the open market.

With the buyback resolution doomed, one shareholder, Mr Neil Duggan, asked if the €18 million saved would be used to reduce Dunloe Ewart's debt or to expand. Mr Smyth said he was not prepared to be "handcuffed" to any proposal.