Beacon Rise Investors - BRS

Beacon Rise Investors - BRS

Stock Name Stock Symbol Market Stock Type
Beacon Rise Holdings Plc BRS London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
0.00 0.0% 90.00 08:00:00
Open Price Low Price High Price Close Price Previous Close
90.00 90.00 90.00 90.00 90.00
more quote information »
Industry Sector

Top Investor Posts

Top Posts
Posted at 27/11/2002 09:10 by dontrader
Article from todays Business AM

Britannic tackles Burn Stewart over length of takeover talks

A LEADING shareholder in Burn Stewart has challenged the distiller's management to explain why negotiations about a potential takeover deal have dragged on for more than seven months.

Britannic Asset Management, which owns 4% of the distiller, said it had received no contact from the company during the protracted negotiations and was in the dark about whether a deal would proceed.

An analyst, meanwhile, said he was amazed that the take-over panel had not forced Burn Stewart to disclose further information about its talks with a Trinidadian firm, CL Financial, which began in April.

The East Kilbride company, best known for its Scottish Leader whisky, told the stock exchange on 12 September that CL Financial would be in a position to make a formal offer for the company via Angostura, its listed subsidiary, in "the next few weeks". Burn Stewart's share price has held firm despite the uncertainty, but it closed down 4% at 60.5p yesterday.

Kenny Watson, Britannic's UK investment manager, said that investors needed clarification of the situation.

Burn Stewart, led by its chairman, William Thornton, should provide a formal update, he said, adding: "It is concerning that is dragging on because it does make you cautious. If there is uncertainty, they should be making some form of announcement about how things are progressing."

Speculation about a deal has focused on price considerations and whether Angostura will fund a transaction entirely in cash or with a share element.

However, one analyst said that the drawn-out talks may hinge on discussions over Burn Stewart's future banking arrangements or on so-called "legacy" issues relating to the late 1990s when the company renegotiated its banking facilities after incurring heavy losses.

HBOS, Burn Stewart's banker, stressed that there were no "legacy" issues relating to its relationship with the distiller.

Burn Stewart said that it had never been in breach of its banking covenants.

Your Recent History
Beacon Ris..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

Log in to ADVFN
Register Now

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V: D:20230204 12:05:02