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 Rarest Beanie Baby of them all could be sold for £62,500 on eBay
- 3 Driving while dehydrated can be just as dangerous as drink driving, study suggests
- 5 Farmer told to tear down mock-Tudor castle after hiding construction behind hay bales
Alan Rickman admits editing 'terrible' script with friends in Pizza Hut behind backs of writers on Robin Hood: Prince of Thieves
Rarest Beanie Baby of them all could be sold for £62,500 on eBay
Professional big game hunter Ian Gibson crushed to death by elephant during hunt
Ben Affleck asked TV chiefs to hide slave-owning ancestry, new hacked Sony emails published by Wikileaks claim
Farmer told to tear down mock-Tudor castle after hiding construction behind hay bales
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
The only black face in the Ukip manifesto is on the page about overseas aid
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
iJobs Money & Business
£20000 - £25000 per annum + OTE £45,000: SThree: SThree Group have been well e...
£50000 - £667000 per annum + excellent benefits : Ashdown Group: IT Manager / ...
£13000 - £20000 per annum: Recruitment Genius: Scotland's leading life insuran...
£40000 - £45000 per annum + benefits : Ashdown Group: Training Programme Manag...