The main shareholder in Sharmane Ltd, the company which trades as the Thomas Read pub chain, has said it is prepared to make extra funds available to the company as long as issues with other shareholders in the group are resolved.
Guerneville Ltd, which is controlled by financier Paul Connolly, owns 60% of Sharmane, but says it wants a 'full exit' from the business by shareholder Hugh O'Regan, who owns 40% along with Martin Conroy.
Yesterday the High Court refused an application by Mr O'Regan and others for an order requiring Bank of Ireland to provide an indemnity for any adverse consequence arising from the bank's alleged mismanagement of the applicants' accounts.
Mr O'Regan had argued that the indemnity was critical to the pub group's survival. In a statement today, Guerneville said it had never been involved in Mr O'Regan's action against Bank of Ireland.
