Shares in troubled printing group Oakhill climbed more than 12 per cent yesterday after shareholders approved the appointment of former Eircom finance director Peter Lynch as executive chairman in a move aimed at turning the company around.

In an extraordinary general meeting attended by only a handful of people, Oakhill directors rushed through special resolutions which included the appointment of Mr Lynch and the placing of 14 million new shares.

All resolutions were approved, though a question from the floor concerning Mr Lynch's future plans for the company was answered very briefly by the group's outgoing chairman, Dan O'Donohoe, with the line: "They intend undertaking a significant review of operations."

Mr Lynch, who did not address shareholders, echoed these comments when speaking after the meeting, saying it was too early to say what his exact plans were for the company.

In a statement in April when plans for a change of management were first announced, Oakhill said Mr Lynch was coming on board with a view to preparing the company for significant expansion.

Yesterday Mr Lynch said, with annual turnover of €30 to €40 million, Oakhill was very small, and the opportunities for organic growth were minimal.

"The plan for now is to steady the ship we have, then when we have the business sorted we can go from there," he said.

Under the terms of the resolutions agreed yesterday, Mr Lynch has subscribed to 4.2 million new shares, which, when combined with his warrants, brings his total holding to 14.1 million shares, or almost 20 per cent of Oakhill's issued share capital.

The placing will be complete on May 15th.

The shares yesterday closed up 4 cent at 35 cent.