Dial-a-Cab may take fresh route to drive for AIM
Tuesday 05 August 1997
Mr Rice said the recent spate of building society conversions to plc status had "helped to focus our minds". He said the main reason for the change would be to release value built up by drivers who had spent years working for Dial-a-Cab.
"We have approached the City advisers English Trust with our conversion proposals and they have told us that each member would get at least pounds 3,500 and possibly substantially more," Mr Rice said. English Trust is a firm of corporate advisers based in Charterhouse Square, London.
Dial-a-Cab was founded in 1953 as a friendly industrial provident society, or a co-operative. Mr Rice said that all members have to buy one share in the society for pounds 50 when they join, and then they sell the share back to the Society for just pounds 50 when they leave, however long they have worked for the operation.
"We have always been looking at ways to release value in the society for our members. It seems to be a bit of an anomaly to get pounds 50 back, however much profit you have built up," Mr Rice said.
The chairman wants to put the proposals to the society's next annual general meeting in November.
"I think in the main the vast majority of members would be in favour [of conversion]," he said.
"Giving people shares in Dial-a-Cab would also be a good way to incentivise the members."
Earlier this year the other big London black-taxi firm, Computer Cab, proposed to float on AIM, but instead ended up selling an 80 per cent stake to overseas investors in Singapore and Australia.
Dial-a-Cab made net profits of pounds 613,000 for the year ended 31 August 1996, and is expected to make around pounds 800,000 for 1996/97.
"We're reasonably in the black," Mr Rice added.
- 1 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 2 The awkward moment Sarah Palin raised $25,000 for Hillary Clinton's election campaign
- 3 Ball pool for adults opens in London
- 4 Amal Clooney gives excellent response to fashion question at European Court of Human Rights
- 5 Baldness could soon be treated using stem cells, scientists hope
Woman falls to her death as she celebrates marriage proposal at the edge of Ibiza cliff
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
The awkward moment Sarah Palin raised $25,000 for Hillary Clinton's election campaign
Ball pool for adults opens in London
Amal Clooney gives excellent response to fashion question at European Court of Human Rights
9 reasons Greece's experiment with the radical left is doomed to failure
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
Have we reached 'peak food'? Shortages loom as global production rates slow
Greece elections: Syriza and EU on collision course after election win for left-wing party
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
iJobs Money & Business
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...
£25000 - £35000 per annum: Recruitment Genius: A Technical Report Writer is re...
Competitive salary & benefits!: MBDA UK Ltd: MBDA UK LTD Indirect Procurement...