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.
Katie Hopkins continues campaign to become Britain's most hated talking head with poorly timed Bob Crow tweet
Ukip and Nigel Farage on course for remarkable victory in European elections
No EU referendum under Labour: Ed Miliband to reveal that vote on membership is ‘unlikely’ in next Parliament if party wins power
Tony Benn was entirely ineffectual - and usually wrong
The rise of Ukip: Study warns Labour that Eurosceptic party's electoral base now 'more working class than any of the main parties'
Europeans have ‘got whiter’ due to natural selection in past 5,000 years, scientists say
- 1 Is your name now 'banned' in Saudi Arabia?
- 2 Gender-specific books demean all our children. So the Independent on Sunday will no longer review anything marketed to exclude either sex
- 3 Missing Malaysia Airlines Flight MH370 Q&A by Simon Calder: How far could it have travelled? Who was responsible and what would their plans be? And how can a plane just vanish?
- 4 California man Christopher Viatafa surrenders to police after googling own name and discovering himself listed as ‘most wanted’
- 5 'Missing Malaysia Airlines Flight MH370 plane found in Bermuda Triangle!' Viral Facebook links are profiting hackers
iJobs Money & Business
£35000 - £43000 per annum + Bonus and Benefits: Harrington Starr: A global lea...
£50000 - £60000 per annum: Harrington Starr: Linux Systems Administrator - UNI...
£32000 - £36000 per annum + generous benefits: Pro-Recruitment Group: * TAX * ...
£37000 - £40000 per annum + £20000 benefits package: Pro-Recruitment Group: **...