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John Swan & Sons

  • BY: Andrew Hore |
  • POSTED: 30/03/2009 |

Aldi has failed to gain planning permission for 1.4 acres at Chesser Avenue, Edinburgh that is owned by John Swan & Sons.

Livestock auctioneer John Swan was going to sell the land to Aldi if it had gained planning permission. The land is in the books at £500 and Aldi paid a non-refundable deposit of £50,000 in November 2006. If planning permission had been forthcoming then Aldi would have paid a further £2.75m.

Planning permission was refused in 2007 and the appeal was unsuccessful. This knocked 12.5p off the share price taking it to 537.5p a share, which values Swan at £3.27m.

John Swan has net assets of £7.07m, which includes pension scheme assets of £1.72m. Most of its land is included in the books at low values.

Net cash was £67,000 at the end of October 2008.

Interim revenues increased from £572,000 to £951,000 in the six months to October 2008, and the loss reduced from £187,000 to £11,000. The previous period had been affected by foot and mouth. The interim dividend was 15p a share.

Edinburgh-based John Swan & Sons is a livestock auctioneer. Subsidiary Swan & Turner is a fine art auctioneer and valuer.
John Swan founded the company with his sons James and Tom in 1856. John Swan joined the Main Market in 1911 and moved to Aim on 24 September 2001.

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