Nu-Swift set to extinguish its Stock Exchange listing

NU-SWIFT, the fire extinguisher and property company of which Michael Ashcroft's ADT owns 23 per cent, is to become a private concern.

News that Nu-Swift is preparing to relinquish its Stock Exchange listing came as the company reported disappointing results. The shares lost nearly 7 per cent of their value yesterday, falling 25p to 333p.

Pre-tax profits in 1992 slumped to pounds 14.1m against pounds 20.2m. A pounds 7m exceptional charge due to falling property values did most damage. Trading profits showed a slight improvement.

Figures for 1992 were also scarred by a pounds 16m extraordinary item incurred through Nu-Swift's sale of its National Cleaning subsidiary last month. The company passed its dividend but still had retained losses of pounds 6.8m compared with retained profits of pounds 6.6m.

No details of the buyout were provided beyond a bald statement published through the London Stock Exchange. It said the proposal was a result of talks between ADT and European Fire Protection, a 66 per cent shareholding vehicle controlled by Jacques Murray, the Nu-Swift chairman.

Nu-Swift said it would appoint an independent adviser to counsel the remaining shareholders on an offer that will give them an as yet unspecified cash sum or loan note. ADT has agreed to accept cash, loan notes or property in payment for its holding.