Blackrock International Land, the Irish quoted property investment and development company, has announced that it proposes to change its name to 'Balmoral International Land Public Limited Company'.

The name change, which requires shareholder approval, is intended to resolve a trade mark dispute between the company and BlackRock Inc, the US-based international asset management and investment management company.

The parties have now agreed to settle the litigation proceedings between them and a formal settlement agreement has been reached which they have both irrevocably undertaken to execute once the company's shareholders have approved the name change. The terms of the settlement agreement are to remain confidential. As a result of the agreement, the company will not suffer any financial loss in association with the direct costs of the name change.

Blackrock will hold an extraordinary general meeting on 7 October when the proposal will be put to the shareholders.