Bruntcliffe buys Tarmac quarries: Shares suspended pending deal that will double company's size
Wednesday 25 August 1993
News of the acquisition came as it was revealed that Mike Willis, chief executive, has been granted 500,000 options to buy shares at 35p any time between three and seven years from now. He is paid pounds 75,000 a year.
Trading in Bruntcliffe shares was suspended yesterday until shareholders approve the Tarmac deal in about three weeks' time. The Stock Exchange suggested suspension because the deal was so large - it will double Bruntcliffe's size.
The acquisition of Northern Scottish Quarries from Tarmac is to be part-funded by a share issue. A placing and open offer, underwritten by Samuel Montagu, will raise pounds 9.1m. The rest of the purchase price is to be met by bank borrowing, which will lift debt gearing to 30 per cent at the peak.
Northern Scottish digs stone for a wide range of construction purposes. Fixed and extractable assets are worth pounds 12m, but there are other unmined quarries in the portfolio.
Northern's turnover in the year to last December was pounds 11.9m and it made an operating profit of pounds 1.5m before administration and management costs.
The shares were suspended at 36p compared with 25p when they were floated. The placing price is 35p. Tarmac shares closed up 1.5p at 150p.
- 1 Malaysia Airlines MH17 crash: Pro-Russian rebel 'admits to shooting down plane'
- 3 Israel-Gaza conflict: The myth of Hamas’s human shields
- 5 Dutch paedophile club to fight their ban at the European Court of Human Rights
Lana Del Rey: 'I have slept with a lot of guys in the industry'
Peaches Geldof cause of death: 'Heroin addict' socialite had taken fatal dose of drug, inquest concludes
Peaches Geldof inquest: Tragic final moments of socialite's life reveal she lied to husband about failed heroin tests
Israel-Gaza conflict: The myth of Hamas’s human shields
Malaysia Airlines MH17 crash: Was a Russian-made missile really parked in this quiet square?
Malaysia Airlines MH17 crash: Vladimir Putin is given 'one last chance' to end hostilities in Ukraine
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
The truth about conspiracy theories is that some require considering
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
Malaysia Airlines MH17 crash: victims’ bodies bundled in black bags and loaded onto trains
iJobs Money & Business
£350 - £400 per day: Orgtel: PMO Analyst - Banking - London - £350 -£400 per d...
£300 - £350 per day + competitive: Orgtel: Cost Reporting Manager - MI Packs -...
£35000 - £40000 Per Annum plus 23 days holiday and pension scheme: Clearwater ...
£475 - £525 per day: Orgtel: Test Lead, London, Investment Banking, Technical ...