Precinct funding for Jurys Doyle withdrawn

Jurys Doyle has stopped the due diligence being carried out by Precinct after the announcement that AIB has withdrawn funding for the takeover bid.

A statement by Jurys Doyle today read: "The board was informed by Precinct on August 24 that the proposed bank funding support for the Precinct proposal has been withdrawn."

"In addition Precinct has not satisfied the board on the availability of alternative funding facilities.

"Accordingly the board no longer supports the Precinct proposal…and has terminated the due diligence exercise by Precinct in relation to the company."

On August 19, the Irish Takeover Panel consented to an extension of the deadline for Precinct Investments Limited ('Precinct'), to either make a firm intention announcement of an offer or to announce that it will not proceed, to 5pm on September 2, for the purpose of due diligence.

It was also announced today that Sean Dunne's company DTC Construction Services Ltd has acquired 9,346,668 of Jurys Doyle shares, bringing Sean Dunne's total shareholding in the company to 11,518,336 representing approximately 18.2%.