Companies and individuals associated with Mr Jim Stanley, the former chairman of Bula Resources, are believed to hold between 1.5 and 2 million shares in Ovoca, the company's annual general meeting was told yesterday. This represents about 8 per cent of Ovoca's total share capital, confirmed the secretary of the company, Mr John O'Connor.

The shares are currently frozen under a High Court order which prevents Mr Stanley from dissipating his assets in Ireland and beyond. A hearing is fixed for November 12th to deal with an action by Bula Resources against Mr Stanley.

Mr O'Connor said Ovoca contacted the registered holders of the shares in December of last year enquiring about their ownership. A reply was received, but Bula Resources informed Ovoca that it did not accept the validity of the reply, he said.

Chairman, Mr Paul Smithwick, said one potential outcome of the legal action was that the shares would be awarded to Bula. One shareholder expressed worry that they then might be sold all at once. Mr O'Connor said this was unlikely as anyone who wanted to sell them profitably would not attempt to sell them at once.