IF PHILIP Lynch is worried about the Irish Takeover Panel's investigation into claims of a link between his Moonduster consortium and UK investment fund Arkaga over share buying in Irish Continental Group (ICG), there were no signs of it at the ferry firm's extraordinary general meeting (egm) in Dublin yesterday. At one point, the One51 boss sat at the back of the room sucking on a lollipop while his advisers sought to have the egm adjourned.

Lynch declined to talk to me about the takeover panel inquiry or his consortium's legal spat with Arkaga, which is seeking compensation for losses on ICG shares the fund claims it bought as an agent for Moonduster.

He was prepared to give some insight into why Moonduster - a consortium of Lynch's One51 investment group and the Cork-based Doyle shipping group - spent more than €120 million last year buying shares in ICG. These shares, which were acquired at an average of more than €20 each, are now deep under water, trading at about €15.40.

"I'm very contented," he told me, adding that ICG throws off a lot of free cash each year and has a low debt burden. "We tell our shareholders every day it's a great company . . . well run."

He was similarly effusive about ICG managing director Eamonn Rothwell, who owns 16 per cent of the business and was involved in a battle royal with Moonduster last year to acquire ICG. "I've no problem with him," he said. "I respect him, he's a good guy. He's managed a wonderful business."

The pair saluted each other warmly in the room yesterday and Lynch even cosied up to a representative of Liam Carroll, the property developer who owns 29.25 per cent of ICG's shares but has not tabled an offer for the group.

The bonhomie only went so far. Lynch's advisers voted Moonduster's 25 per cent stake in ICG against the share buyback resolution that was put forward by the company's board of directors, having earlier failed in a motion to have the poll adjourned for six weeks.

After the meeting broke up, it emerged that ICG had received contact from Moonduster on Wednesday to the effect that it hoped to put together another bid for the ferry company. Moonduster's moratorium on bidding for ICG ends on October 31st. This is a voyage that has some distance to travel.