pounds 20m bid for Chester Water
Thursday 12 December 1996
The terms of the offer are 403 new Dee Valley shares for every 1,000 Chester Water shares. Dee's shares held steady at 395p, valuing each Chester share at 169.26p. Chester's shares closed at 162.5p, up 8.5p. Chester shares were valued at 169.26p each, excluding the interim dividend of 2.55p, which Chester shareholders will retain.
There is an alternative offer of cash and shares for Chester's investors, who will also keep the recently announced 2.55p interim dividend. They can elect to receive 282 new Dee Valley shares together with either a cash payment or a special dividend of pounds 508.20 for every 1,000 Chester shares.
Dee Valley has received undertakings to accept the offer from Chester shareholders representing around 65.7 per cent of the company's equity.
The companies have agreed with the Office of Water Services that from 1 April 2001, bills for customers of both Dee Valley Water and Chester Water will be reduced by 3.5 per cent over and above the combined existing `K' pricing factors.
Brian Jenkins, chairman of Dee Valley, said: "The enlarged group will generate cost savings to benefit our customers and shareholders." The 3.5 per cent reduction in price limits is over and above existing price limits.
- 1 BBC told new political editor must be 'impartial' with Nick Robinson reportedly stepping down
- 2 Number of young homeless people in Britain is 'more than three times the official figures'
- 3 Humans of New York image of crying gay teen receives best response yet from Ellen DeGeneres
- 4 The map showing the most dangerous tourist destinations in Europe, according to the Foreign Office
- 5 Swedish minister gives strongest case yet on why EU should stop turning away asylum seekers
BBC told new political editor must be 'impartial' with Nick Robinson reportedly stepping down
Isis propaganda video shows 25 Syrian soldiers executed by teenage militants in Palmyra
Number of young homeless people in Britain is 'more than three times the official figures'
Humans of New York image of crying gay teen receives best response yet from Ellen DeGeneres
The map showing the most dangerous tourist destinations in Europe, according to the Foreign Office
More Britons believe that multiculturalism makes the country worse - not better, says poll
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Greece crisis: IMF was pushed around by Angela Merkel and Nicholas Sarkozy – and now it is being humiliated
Forget little green men – aliens will look like humans, says Cambridge University evolution expert
Girl, 7, stares down hate preacher at Ohio festival with pro-LGBT rainbow flag gesture
Osborne to cap family benefits at £23,000 – announced ahead of his post-election Budget
iJobs Money & Business
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...
£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...