Price set for Thomas and Brands Hatch
Friday 01 November 1996
The Britt Allcroft company, which produces "Thomas the Tank Engine and Friends" will be priced at 130p a share, valuing the company at pounds 30m. The placing involves 8.5 million shares with dealings due to start on 6 November.
Brands Hatch Leisure, which operates the famous Kent racing track as well as others at Snetterton, Oulton Park and Cadwell Park, will be priced at 157p.
This values the company at pounds 34.3m. The flotation will raise pounds 9.3m which will be used to reduce bank borrowings and to fund investment in new catering, retail and entertainment facilities at the tracks.
Brands Hatch Leisure recorded pre-tax profits of pounds 1.1m on sales of pounds 11.7m in the year to December 1995. It is forecasting profits of not less than pounds 2.5m for the current year. On the basis of the pro forma earnings per share, the shares will trade on a forward rating of 16. Dealings are expected to commence on 7 November.
Four directors are intending to subscribe for 410,000 shares at the flotation price.
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