Eagle Trust plans sale
Sunday 08 May 1994
'We could do a share placing with institutions, or we might plump for a general share offer to the public,' said Brian Smith, right-hand man to Eagle's chairman, David James.
An outright flotation of Samuelson could raise as much as pounds 50m, which would in effect wipe out Eagle's debts. 'We are talking to a leading house to get some views from them about the proposition and the practicality of it,' said Mr Smith.
Samuelson, which provided camera equipment, lighting and crews for the film Tom and Viv, the television series Casualty and the recent Winter Olympics, has an annual turnover of around pounds 70m.
It makes profits described as 'satisfactory' by Mr Smith, and the accounts for last year are due to be published in a couple of weeks.
The pounds 39m acquisition of Samuelson by Eagle in 1987 helped to trigger the parent company's current plight, because the accompanying share issue was hit by the stock market crash in October that year.
Mr James was in the High Court last week as Eagle began a pounds 25m damages claim against its former adviser, Swiss Bank Corporation.
He has told shareholders that he may be able to pay out 1p a share if Eagle wins either the court case against the bank or a later one against its former auditors, KPMG Peat Marwick, which is scheduled for next spring.
A Samuelson flotation would enablehim to make such a payment, but only after the banks have been repaid the bulk of their outstanding loans.
- 1 Howard Jacobson: Let's see the 'criticism' of Israel for what it really is
- 3 Belgium fan Axelle Despiegelaere lands L'Oreal campaign after World Cup viral photo
- 4 Britney Spears sings 'Alien' without Auto-Tune in embarrassingly brilliant leaked audio clip
- 5 PornHub begs users to stop uploading video clips of Brazil getting beaten 7-1
Game of Thrones author George RR Martin says 'f*** you' to fans who fear he will die before finishing Westeros saga
Instagram of US airport security chiefs: Lipstick knives and IED training kits among items seized
‘Ryan Gosling got someone pregnant and it's not me. Brazil you think you’re devastated…’
Israel-Palestine crisis: ‘We just want it to end… We don’t deserve to live like this’
Israel-Palestine crisis: Eight killed in Gaza Strip cafe while watching World Cup semi-final
Sustained immigration has not harmed Britons' employment, say government advisers
Australia facing international condemnation after turning around Sri Lankans at sea
7/7 memorial defaced on anniversary of 2005 attacks with ‘Blair lied thousands died’ graffiti
Even when it brutalises one of its own teenage citizens, America is helpless against Israel
There’s a nasty smell in the political air – and it’s coming from the Tories
Vanessa Feltz criticises 'vile' reaction to Rolf Harris allegations
iJobs Money & Business
£60000 - £75000 per annum: Harrington Starr: Business Analyst Consultant (Fina...
£60000 per annum: Harrington Starr: A leading provider in investment managemen...
£600 - £700 per day: Harrington Starr: AVS, JVS Openlink Endur Developer JVS, ...
£30000 per annum: Harrington Starr: A global leader in trading platforms and e...