The High Court has ordered Andrew Sheehy to sign a share purchase agreement that would allow the sale of a Romanian company owning commercial property and potentially release between €11 million and €12 million to its shareholders.
The mandatory injunction was sought by Noel Tynan in litigation involving IDEEA Construct Design SRL, which owns the commercial buildings known as Neo City Towers I and II. Tynan owns 64.7% of IDEEA and Sheehy owns 32.3%, with smaller shareholders holding the balance.
A High Court order made by consent on 20 November 2025 had approved the sale through the acquisition of IDEEA’s shares by Global Vision, based on a draft share purchase agreement attached to Tynan’s affidavit.
Sheehy subsequently refused to sign. He said he had not appreciated that the draft contained clauses which he feared could be interpreted as settling claims between himself and Tynan in two existing sets of High Court proceedings. His counsel accepted that errors had been made when the consent order was agreed.
Mr Justice Michael Twomey said there was some basis for sympathy with Sheehy’s position and accepted that his approval of the November draft appeared to have been given in error.
However, the judge held that this did not entitle him to disregard a binding court order. Sheehy could later argue that the disputed clauses should not bind him because of mistake or lack of agreement, but he first had to comply with the existing order.
The court also rejected an argument that changes to transaction deadlines in the version presented for signature were material. The judge said extending the dates was reasonable given the delay since November and was primarily for the sellers’ benefit.
The mandatory injunction was therefore granted, requiring Sheehy to execute the agreement. Tynan had given an undertaking as to damages, and the court also ordered Sheehy to pay Tynan’s costs of the application.