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Astaire Group / Evolve Capital
- BY: Andrew Hore |
- POSTED: 06/09/2011 |
- COMMENTS: Add yours
Evolve Capital is offering 2p a share for Astaire, which is equivalent to its cash in the bank but less than its net asset value.
Evolve is also offering the alternative of an all share offer of seven Evolve shares for every five Astaire shares. At 1.3p a share, this values Astaire shares at 1.82p each and the company at £3.74m. The Astaire share price is currently 1.43p and its high for the past 12 months is 1.52p.
Evolve Capital already owns 53.6% of Astaire. Edward Vandyk of Evolve has built up a 5.4% stake in Astaire. The cash bid values Astaire at £4.11m but a maximum of £1.9m will be paid in cash, which is equivalent to the cash currently in the bank. There are still investments and deferred payments on disposals included in the balance sheet, although there are also warranties provided to buyers. The more investors that take the cash the higher Evolve’s net asset value per share will be and it will also save money by dispensing with Astaire’s overheads and quotation costs.
This scheme requires at least 75% of the shares voted to be in favour. Astaire’s nominated adviser Fairfax IS is recommending acceptance.
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