The Serpentine Consortium, which acquired part of AIB Bankcentre for €367.75m in 2005 as part of a sale and leaseback deal, is considering allotting additional securities which would allow them raise extra cash if necessary.
"This does allow the directors issue new shares and therefore raise cash; however, they may be issued to new investors or to the existing investors," an accounting source said. "If the shares are issued to the existing shareholders it is a simple cash call."
At the company's annual general meeting in November, the directors of the various member companies of the consortium approved a move to allot "relevant securities… up to an amount equal to the authorised but as yet unissued share capital of the company". Its approval expires five years after the resolution was passed.
The consortium of private clients that make up the Serpentine Consortium was put together by Goodbody, which was then AIB's stockbroking arm.
In 2006, it sold the existing offices at Ballsbridge for €377.7m cash, this time to Aviva and property developer Seán Dunne. Dunne was due to find out last week if his plans to redevelop his portion of the property had been given the thumbs-up by An Bord Pleanála.