Noel Smyth

HOLDERS of bonds issued by Noel Smyth's Alburn property vehicle will meet next month after his plans to buy back some of its debt failed. A meeting of the bondholders will take place on 18 February, Alburn said last week in a statement.

Smyth (above) had proposed buying back some of the debt at discounts of up to 84% in a deal backed by property investment fund Highcross. After objections by some of the holders of the debt, Alburn attempted to sweeten its offer by giving the bondholders an equity stake in parts of the portfolio. Alburn said earlier this month that despite "high levels of support" the buyback couldn't proceed because it failed to get the necessary level of acceptances from its investors.

Alburn's properties were worth €288m in 2007, but just under €156m last year.