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Astaire Group / Evolve Capital
- BY: Andrew Hore |
- POSTED: 31/08/2010 |
- COMMENTS: Add yours
Astaire Group says it is making progress in the possible sales of Astaire Securities and Rowan Dartington.
There are two preferred potential buyers of Astaire Securities and detailed negotiations have commenced. Any sale will require regulatory approval.
Rebel shareholders have requisitioned a general meeting at Astaire Group. They want it to return excess capital to shareholders and sell the company and/or its businesses so the rebels should be pleased if the disposals happen. The rebels also want to remove finance director Chris Roberts. The general meeting will be held on 16 September.
At 0.65p a share, Astaire is valued at £1.33m.
At 1p a share, Evolve Capital, which owns 53.6% of Astaire Group, is valued at £1.78m prior to the recent open offer – the shares can’t be issued until after the general meeting on 8 September. Rebels have also requisitioned a general meeting at Evolve. They want to remove Oliver Vaughan as chairman.
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