Evans of Leeds may go private at pounds 164m
Saturday 22 May 1999
The company said the Evans family, led by the company's chairman Michael Evans, has made an approach that would value the group around 125p per share.
This is a 24 per cent premium to the closing price on Thursday but it is a long way short of the 176p peak a year ago.
The shares closed 17p higher at 119.5p yesterday.
The Evans family already controls 53 per cent of the shares so the offer will be examined by a committee of four non-executive directors which include Keith Hellawell, the Government's so-called "Drugs Tsar".
It is understood that the family has become disenchanted with the stock market and the low valuations it attaches to smaller, property groups.
The group has also been hit by the new FRS13 accounting measures which have forced the revaluation of a pounds 100m debenture taken out by Evans at an interest rate of 11 per cent four years ago.
Evans is the latest in a series of companies to turn its back on the stock market, which increasingly favours large, international stocks in high growth sectors like telecoms and pharmaceuticals.
However, minority shareholders, which include the Prudential with a 10 per cent stake, may take a dim view of the offer which was described by one analyst as "not exactly generous".
The Evans family started the company after the First World War as a small scale local developer.
Its most high-profile investment has been the White Rose shopping centre in Leeds which was developed jointly with Land Securities, one of Britain's biggest property companies.
Last year Evans of Leeds reported pre-tax profits of pounds 13.9m on turnover of pounds 30m.
- 1 Tunisia hotel attack: Locals form 'human shield' to protect hotel from gunman Seifeddine Rezgui
- 2 Greece crisis: Alexis Tsipras accepts troika bailout proposals with conditions
- 3 German ethics council calls for incest between siblings to be legalised by Government
- 4 French woman dies in freak bungee jumping accident
- 5 Facebook rainbow profile pictures likely being tracked by social network
Tunisia hotel attack: Locals form 'human shield' to protect hotel from gunman Seifeddine Rezgui
Russian officials ban yoga because it's too much like a religious cult
Greece crisis: Alexis Tsipras accepts troika bailout proposals with conditions
German ethics council calls for incest between siblings to be legalised by Government
Britain First insist their videos aren't racist in bizarre attack on comedian Jason Manford
The moment a Queen's Guard soldier lost it and drew his gun at annoying tourist
Greece crisis: IMF was pushed around by Angela Merkel and Nicholas Sarkozy – and now it is being humiliated
Greece crisis: The wider lesson is that it’s time to abandon this failed experiment in currencies
'I wish the BBC would stop calling it Islamic State' – David Cameron unleashes frustration at broadcaster
Pentagon accuses Russia of 'playing with fire' over nuclear threats towards Nato
They are neither a 'state' nor 'Islamic': Why we shouldn't call them Isis, Isil or IS
iJobs Money & Business
£15000 - £16000 per annum: Recruitment Genius: Customer Service Advisors are r...
£20000 - £25000 per annum + OTE £45K: SThree: SThree were established in 1986....
£40000 - £60000 per annum: Recruitment Genius: A Compliance Manager is require...
£22500 - £27000 per annum + OTE £45K: SThree: Since our inception in 1986, STh...