Building group McInerney Holdings has written to its shareholders saying that it is time to liquidate the company.

The board has set the date for an extraordinary general meeting of shareholders for July 29.

It says McInerney Holdings now has 'no meaningful assets of worth and no bank facilities' and as a result there is no realistic alternative to a liquidation.

Eight months ago, the group de-listed from the stock exchange, having already gone into examinership.

There was interest in the group as a whole from a US investment firm called Oaktree, but it later confined its interest to two Irish subsidiaries and the group came out of examinership.

The Irish arms are awaiting a Supreme Court judgment on the Oaktree plan, which if successful could preserve 100 jobs. Whatever the outcome, however, McInerney Holdings will no longer have any equity interest in the subsidiaries.

McInerney Holdings no longer has any interest in its UK business, which has been acquired by Miller Homes as part of an administration process.

Group to oppose liquidation

A group of shareholders who own at least a quarter of embattled building group McInerney Holdings are to oppose the board's plan.

Led by corporate financier David Nabarro, who owns 21% of the company, the group claims that while there may not be any value left in the company for shareholders, as claimed by its chairman today, the current board have done a ruinous job over the past five years and are therefore not in the best position to make that assessment.

The group says it is not certain it could create shareholder value out of what is left of McInerney.
But it believes the current board has lost the right to be there.

Its members hope to depose the board, install themselves and try to save the company. They are appealing to the other 3,000 shareholders to join their campaign.

The group is holding an open meeting for shareholders at Bewley's Hotel Ballsbridge at midday on Tuesday next, 12 July at which it will plan its strategy ahead of the company's EGM on 29 July, where a vote will be taken on whether or not to liquidate the company.