Decision imminent on sale of Lloyd's List
Wednesday 30 August 1995
He said a "hurdle price" would be set below which Lloyd's of London would not be prepared to sell. "We are not going to sell at just any price," Mr Middleton said.
But he stressed that a final decision about the fate of Lloyd's of London Press had not yet been reached. "We have to see whether the market's interests are best served by keeping it or selling it," he said.
Mr Middleton would not speculate on how much a sale might raise. But analysts said pounds 75m would be a likely target price - roughly twice 1995 anticipated revenues.
Commenting on press speculation that he might stay on as chairman of LLP following a sale, Mr Middleton said the rumours were "inaccurate".
"David Rowland [Lloyd's chairman] and I have stated that we are not going to leave until we have done all that we have set out to do; and we will leave in an orderly fashion." He added that this was unlikely to be before 1997.
LLP, which includes the venerable Lloyd's List and another 30 specialist magazine titles, was a money-loser as recently as 1992. Following cost- cutting and the introduction of a new bonus scheme, pre-tax profits rose to pounds 4m in 1994 and are on course for about pounds 6m this year, Mr Middleton said.
Some efforts have been made to expand the electronic publishing activities, where there is scope for further growth. The strength of the Lloyd's List brand name is likely to attract offers from several publishers. Mr Middleton said several unsolicited expressions of interest had been received.
Reed Elsevier, the Anglo-Dutch media giant that is selling most of its consumer publishing interests, is a much- rumoured candidate to buy the LLP assets. A Reed spokesman declined to comment. He confirmed, however, that the company had received 25 offers for the company's Dutch newspaper interests.
The UK regional newspapers have also attracted considerable attention, the spokesman said. A sales memorandum will be sent out in the next week or so.
- 1 President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
- 2 Doctors remove 80 teeth from boy's jaw
- 3 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
- 5 Sir Winston Churchill’s family begged him not to convert to Islam, letter reveals
Germany and ECB set for fight over money-printing
Downfall of Dustin 'Screech' Diamond, the 'Saved By The Bell' star charged with bar stabbing
The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
Syrian teenager Usaid Barho reveals how he escaped from Isis using a suicide vest
Sir Winston Churchill’s family begged him not to convert to Islam, letter reveals
Millions of Britons struggling to feed themselves and facing malnourishment
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
Nigel Farage: Ukip leader named 'Briton of the year' by The Times
Immigrants make UK racist, says Ukip councillor Trevor Shonk
iJobs Money & Business
Not specified: Selby Jennings: VP/SVP Credit Quant Top tier investment bank i...
Not specified: Selby Jennings: Quantitative Research | Global Equity | New Yor...
Not specified: Selby Jennings: SVP Model Validation This top tiered investment...
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...