Stratagem to buy Harrison

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The Independent Online
STRATAGEM Group, the investment company run by Bernard Kerrison, the former City corporate financier, has tabled an agreed pounds 7.5m takeover bid for Harrison Industries, the troubled industrial doors maker, writes Neil Thapar.

The bidder is offering one share for 23 in Harrison, or a cash alternative of 4.1p per share. Harrison shares closed 0.5p higher at 5.5p, while Stratagem's rose 5p to 142p.

Stratagem, which speaks for 50.1 per cent of Harrison, is also raising pounds 8m from a placing and open offer to finance the enlarged group's working capital and pay for the cash element of its bid.

The takeover came as Harrison reported a pounds 3.2m taxable loss for the year to 31 March, compared with an pounds 849,000 deficit in the previous 15 months. Group turnover, however, improved from pounds 17.7m to pounds 51.4m. The dividend has been passed.