Ire-Tex shareholders might be forgiven for taking a jaundiced view of the announcement that two different approaches have been made for the packaging group. After all, they have heard the same old story on two previous occasions in recent years, only for nothing to emerge. But now it seems that Ire-Tex is destined to be taken private, with former managing director Paul Burke clear favourite to beat off a rival approach from the current management team.

A price of 40p (51 cents) a share mightn't seem terribly generous, given the price IreTex floated at five years ago.

But given the attitude to small-cap companies, shareholders should take the money on offer, if the current "approaches" end up as formal offers. A price of 40p a share is equivalent to eight times earnings, and that's not bad for a small-cap company operating in a distinctly unsexy sector.