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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Bullough | LSE:BLGH | London | Ordinary Share | GB0001532059 | ORD 20P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:3331K Bullough PLC 24 April 2003 Bullough Plc ("Bullough" or the "Company") The following is the text of a statement made by the Chairman at the Annual General Meeting of Bullough held earlier today: "Offer for the Company The Board of Bullough have noted the recent announcement by Montpellier Group plc of a conditional cash offer for Bullough at 12 pence per share by Tobull Limited, a wholly owned subsidiary of Montpellier Group plc, valuing Bullough at #6.38 million. The Independent Directors of Bullough (who comprise the Board other than Peter Gyllenhammar, a director of Montpellier) and our advisers consider this offer to be inappropriate at this present time. The Independent Directors are of the opinion that the value of the various parts of the Bullough Group are worth considerably in excess of the current market value of the Group. The Board can confirm that it has received firm indications of interest for one division and discussions are progressing. Should these firm indications of interest lead to a disposal of the division it is expected that the net proceeds received by Bullough will be in excess of that being offered by Tobull Limited for the entire Bullough Group. This disposal route, which would involve the return of cash to shareholders, therefore offers the prospect of far better returns to the Shareholders than acceptance of the offer by Tobull Limited. Montpellier has an existing 29.9% shareholding in Bullough and is represented on the Board by Peter Gyllenhammar. Peter Gyllenhammar has been kept fully informed of the financial position and prospects of Bullough including current trading and the indications of interest. The Independent Directors strongly recommend that Shareholders take no action in respect of their Bullough shares and that Shareholders do not sign any documents until they receive formal advice from the Independent Directors. Current Trading Trading in the first three months of the year has been in line with expectations. The loss sustained in the first quarter in Workplace Solutions in comparison to the previous year, has been significantly reduced despite lower turnover. Temperature Control showed a modest improvement over the previous year. The restructuring action taken throughout 2002 in Workplace Solutions has lowered the cost base such that despite lower sales in the first quarter, in comparison to the prior year, the loss was reduced close to break even level. The full benefit of this cost restructuring action will be seen over the coming months of the current financial year. In our Temperature Control division Trianco is showing some sign of improvement despite sales with its major customers being at a disappointing level. Johnson & Starley has started the year well and has improved performance over the prior year. The combined impact of restructuring together with the capital investment programme implemented in 2002 is now delivering real benefit. Effective control of working capital has been maintained and group borrowings remain at a negligible level. " Enquiries Howard Marshall Bullough 01372 379088 Richard Welton Arbuthnot 0121 710 4501 Responsibility Statement The Independent Directors of Bullough accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the Independent Directors of Bullough (who have taken all reasonable care to ensure that such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information. This information is provided by RNS The company news service from the London Stock Exchange END AGMFZLFLXZBXBBK
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