Almorah Services Ltd is making a mandatory offer of 1p a share for film producer and library owner Handmade.
At the 7 January 2010 suspension price of 9.5p, the company was valued at £22.1m. The bid values Handmade at £2.33m.
Almorah’s purchase of 39.68% of Handmade at 1p a share sparked the mandatory bid. Other shareholders owning 14.3% of Handmade have accepted the bid.
Almorah is also offering 55p for each of the £1 convertible loan notes.
Handmade has run into financial problems. Almorah says that it will support the business. No firm decision has been made about the AIM quotation.
Almorah is a special purpose vehicle established by David Francis, who is chief executive of investment manager Horizon Group.
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