Courts / Ireland / Report

Injunction sought over proposed share agreement in Walls Construction holding company

Summary

McSorley Investments Limited, holding about 20% of Walls Construction Holding Limited (WCHL), has applied to the High Court for an injunction to stop WCHL and several board members from approving a proposed Growth Share Scheme at the next board meeting. The claim argues that the scheme would dilute and oppress McSorley's interests and that it contravenes the 2015 Subscription and Shareholders Agreement, which requires all parties' consent for new share issues. McSorley also seeks an order preventing any other share‑issuing scheme without its approval and, if necessary, the cancellation of any scheme implemented without consent. The court, hearing the case ex‑parte, granted McSorley permission to serve short notice of the injunctions and adjourned the matter for a week. The dispute centres on the proposed allocation of a large volume of shares to new management, raising concerns about fairness, tax implications and potential dilution of existing shareholders' stakes.

Who, what, where, when and why

What: Report matter: Injunction sought over proposed share agreement in Walls Construction holding company. Procedural stage: hearing_or_decision

When:

• 2024-02-07 Publication

Case subjects

Places mentioned

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Stage Hearing Or Decision

Read the original CNI report