US and European fund managers now own almost 15 per cent of IAWS shares compared to nil two years ago, chief executive Mr Philip Lynch has stated. The biggest single institutional shareholder in IAWS is the US investment giant, Fidelity, which now owns 7.2 per cent.

While Mr Lynch said after yesterday's a.g.m. that "any worthwhile institution in Dublin has a shareholding in IAWS", he added that it was "a pity" that no Irish fund manager had a notifiable interest in IAWS, given that the company had been the best-performing European food stock over the past 12 months, with 38 per cent growth in the share price.

IAWS began marketing itself to US and European investors almost two years ago in anticipation of Irish fund managers reducing their exposure to Irish stocks following the introduction of the euro. "We've created the demand by going out and selling the story," said Mr Lynch, who added that he and senior management would be making presentations in London, Paris and Frankfurt this week.

Mr Lynch dismissed the idea of merging with Greencore and said that Tomkins, the British conglomerate which owned the RHM flour business, was unlikely to be broken up. "It could be that brands like Mr Kipling or Bisto might be offered and we would look at those, but our information is that Tomkins is probably going to be sold in one go."