Fairline shareholders advised to sit tight

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Independent directors of Fairline Boats wrote to shareholders yesterday advising them to do nothing until they had received independent advice on a mandatory offer made for the company by its largest shareholder, Renwick, on Tuesday.

The offer was made after Renwick took its stake to more than 40 per cent by buying a 10 per cent holding from chairman and founder Sam Newington. The stake purchase, and the subsequent offer, were pitched at 360p, compared with a market price for the shares of 408p.