Caverdale will be an intriguing vehicle following the sale of its garages for pounds 25.5m. It intends to return pounds 10m through a special dividend to shareholders which could be worth 43p a share in a PEP. The rest of the proceeds will be used developing its accessories and industrial products operations. But until it reinvests it must be an attractive takeover target.
Signet, the jewellery chain which used to be called Ratners, was the busiest traded share with Seaq putting turnover at 192 million, It was unclear who had traded. One suggestion was institutional shareholders sold, perhaps undertaking tax efficient bed and breakfast operations. The revamped chain produced its first interim profits for seven years last month; there are hopes it will make pounds 55m for the year.