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Sugar unveils plan to take Learning Technology private

Liz Vaughan-Adams
Thursday 04 July 2002 00:00 BST
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The technology entrepreneur Sir Alan Sugar yesterday unveiled plans to take his Learning Technology company private after admitting it had failed to whet investors' appetites.

Sir Alan, the company's chairman and controlling shareholder with a 69.2 per cent stake, said another of his companies, Amshold, planned to make an offer for the business.

Amshold, the vehicle which houses Sir Alan's holding in Learning Technology, plans to make a cash offer of no more than 40p a share for the remaining 30.8 per cent of the company, formerly known as Viglen.

The move sent shares in Learning Technology, which supplies computer hardware and software to schools and universities, up 22.8 per cent to 35p.

"Amshold has long been disappointed with Learning Technology's share performance and the lack of market interest in the company," Sir Alan said.

Shares in the company hit a high of 357p at the peak of the technology boom in the spring of 2000 but have spent most of the past two years below 100p.

"Accordingly it has been decided to offer up to 40p per ordinary share to acquire those shares not already under Amshold's control, and it is the intention, once sufficient shares have been secured, to de-list the company from the London Stock Exchange," he said.

Learning Technology's chief executive, Bordan Tkachuk, and the company's finance director, Michael Ray, will both be offered shares in the privatised company which they will continue to manage.

The pair have worked for Sir Alan since 1988 and have managed the company since it was floated on the LSEin 1997 after its split from Amstrad.

Learning Technology said yesterday that its board would seek "appropriate advice" and would make an announcement as to what action shareholders should take "in due course".

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