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Astaire Group / Evolve Capital
- BY: Andrew Hore |
- POSTED: 15/07/2010 |
- COMMENTS: Add yours
Aim adviser Astaire Group says it is not talking to any potential bidders but there could be a change in majority ownership.
Astaire believes its business has potential and it wants to make a clean break from the current corporate structure.
Aim-quoted Evolve Capital has a 53.6% stake in Astaire but it has stepped back from management control of Astaire. It appears that it is unlikely to be able to sell this stake but it could be heavily diluted. The current share price of Astaire is 1p, which values the company at £2.05m.
A number of parties are interested in either obtaining a majority stake in the holding company through a share subscription – shareholders would probably need to waive the requirement for a mandatory bid – or take a majority stake in Astaire Securities.
A further update is expected in August.
Shares in Evolve have risen 0.25p to 1.75p, which values it at £3.12m. The Astaire stake accounts for one-third of that valuation.
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