Company News in Brief

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The Independent Online
Frederick Cooper has reached an out-of-court settlement with the three former directors of the electrical switches and connector manufacturer, Lorlin and its former auditor, Leigh Carr in a case relating to the acquisition of the company. Frederick Cooper has agreed to accept pounds 1.49m in cash as final settlement of its claims. Lorlin was acquired by Frederick Cooper in June 1988 and then issued proceedings alleging inaccuracies in the accounts for the year ended 31 December 1987.

British Bloodstock Agency reduced pre-tax losses from pounds 381,000 to pounds 55,000 in the year to 31 March. No dividend.

Greenfriar Investment Company lifted its net asset value per share from 340.4p to 351.1p in the six months to 30 June. Interim dividend was maintained at 2.1p.

St Andrew Trust, the investment trust, saw its net asset value decline slightly from 237.7p to 232.3p in the six months to 30 June. It maintained the interim dividend at 2.7p.

Aberforth Smaller Companies Trust's net asset value per share increased from 114p to 132.6p in the six months to 30 June. The interim dividend is 2.1p (2p).

Baring Tribune Investment's net asset value fell to 274.7p (279.2p) in the six months to 30 June. Interim dividend is maintained at 1.7p.

AH Ball Group, which lays pipelines mainly for the utility companies, has agreed to buy KD, which designs and makes process control systems for the water industry, for almost pounds 2.9m. AH Ball will pay for the acquisition by the issue of 2.15 million shares and a loan note for pounds 250,000. It will also raise pounds 470,000 via the issue of just over 385,000 shares to fund the costs incurred by the acquisition.

MTM, the chemicals company, has sold its specialist coatings business to Metrotect, of Cleckheaton, West Yorkshire, for pounds 400,000 in cash.

Carlton Communications is to issue pounds 60m of convertible subordinated debentures due 2007 by means of a placing in the international capital markets at par value. The terms for the bonds have yet to be fixed.

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