GOODMAN & Company, based in Toronto, Canada, has 15.95 million shares in Arcon International Resources, according to a statement filed with the Irish Stock Exchange. This represents a 5.56 per cent stake, making it the third largest shareholder.

Goodman is an investment company specialising in exploration shares and is part of a group that includes Dundee Bank which had been a shareholder in Conroy Petroleum. Dr Tony O'Reilly, who controls 43 per cent of Arcon, is by far the largest shareholder. This is followed by Capital Group Companies with 6.1 per cent.