Nabarro asks shareholders to oust board at McInerney
Published 18/06/2011 | 05:00
David Nabarro, a rebel shareholder in homebuilder McInerney, the company that has appealed the rejection of a €25m rescue plan to the Supreme Court, has written to fellow investors in the company asking them to support a motion to oust the firm's directors, including chairman Ned Sullivan.
Mr Nabarro, who has acquired a 21.45pc stake in McInerney, is a financial professional from London.
On June 3, he requisitioned an extraordinary general meeting of the company to remove the entire board and replace them with himself and two colleagues, John Garratt and Kevin Lynch, a Dublin-based corporate adviser and director at Ceres Capital Associates.
"Your board are currently involved in an appeal to the Supreme Court whereby they are seeking to overturn the judgment of Mr Justice Frank Clarke, one of Ireland's most respected judges, and defy the clearly expressed wishes of the company's creditor banks, Bank of Ireland, Anglo Irish and KBC, to seek to recover as much as possible of the monies due to them, through a receivership," Mr Nabarro said in his letter.
Mr Justice Clarke found that KBC would be unfairly prejudiced by the €25m rescue plan. KBC, Anglo Irish Bank and Bank of Ireland are owed a combined €113m by McInerney.
Mr Nabarro said he hoped the EGM would be called within the next two months.