Roxboro increases dividend prediction
Friday 22 April 1994
Roxboro said the acquisition would significantly enhance earnings and forecast its 1994 dividend at 4.5p compared with the 1.9p predicted in its flotation prospectus in November.
Solartron makes specialist sensors and measurement instruments using technology similar to existing Roxboro businesses. Most of its products are tailor-made for customers such as Rolls-Royce, General Electric Aero Engines and Lucas Industries.
Harry Tee, Roxboro's chief executive, said: 'Solartron operates in niche markets which will give the whole group access to an excellent customer base.' Mr Tee formerly managed all except one of the Solartron businesses before their management buyout from the Schlumberger group in November.
Last year Solartron made profits of pounds 4.8m before tax and interest on sales of pounds 48m. Roxboro's pre-tax profits were pounds 6.4m on turnover of pounds 42m.
Roxboro is paying pounds 26.4m cash for Solartron, with the balance met by the issue of just over six million new shares. It is also taking on Solartron's pounds 12.3m debt.
A further consideration of pounds 10m is subject to Solartron meeting a 12- month profits target. The company's vendors are its management and Schroder Venture Funds, which will increase its shareholding in Roxboro from 16 to 20 per cent.
Roxboro will raise pounds 30.6m through a placing and open offer at 255p. The shares rose 14p to 284p.
- 2 California man brutally beat 82-year-old Sikh grandfather he mistook for 'one of those people'
- 3 School kitchen manager 'fired from Colorado school for giving hungry students free lunches'
- 5 Charles Kennedy 'had better judgement drunk than many sober politicians' says Ian Hislop
California man brutally beat 82-year-old Sikh grandfather he mistook for 'one of those people'
Amber Peat: Body found in search for missing 13-year-old who left house after argument with her parents
School kitchen manager 'fired from Colorado school for giving hungry students free lunches'
Isis executes three gay men by dangling them from top of 100ft building and letting go
Alton Towers crash: Four guests seriously injured as Smiler ride carriages collide
Thousands of teenage girls enduring debilitating illnesses after routine school cancer vaccination
Migrants in Kos: Photos show real tragedy after Brits abroad complain of 'awkward' holidays
British tourists complain that impoverished boat migrants are making holidays 'awkward' in Kos
Michael Gove determined to scrap the Human Rights Act – even if Scotland retains it
Threat to scrap Human Rights Act could see UK follow Nazi example, warns UN official
Church of England 'one generation away from extinction' after dramatic loss of followers
iJobs Money & Business
£30000 - £35000 per annum: Recruitment Genius: The UK's fastest growing, multi...
£70000 - £90000 per annum: Recruitment Genius: A Financial Reporting Manager i...
£23000 - £25000 per annum: Recruitment Genius: They win lots of awards for the...
£13500 - £20000 per annum: Recruitment Genius: This nationwide enforcement com...