News blog
Real Office Group
- BY: Andrew Hore |
- POSTED: 10/10/2008 |
- COMMENTS: Add yours
Real Office Group has received a partial offer proposal from a company related to its management.
Leander Group is proposes a 16p a share offer for 74.4% of Real Office’s share capital. Real Office shares rose 2.5p to 12p each.
The independent directors are considering recommending the partial offer.
Leander says that a condition of the offer is that it should receive acceptances for more than 50% of the company’s shares. Shareholders owning 25.6% of Real Office have agreed not to accept the offer if it is made.
The offer values Real Office at £2.8m, against a net asset value of £2.5m.
Real Office was set up to acquire businesses involved in the design and fit-out of commercial interiors and Leander supports this strategy. So far, Real Office has not been able to find a satisfactory business to buy and it has cut overheads. Shareholders are required to agree to continue the current strategy at the next AGM.
Leander already owns two businesses in this sector: Pacific Interiors, a designer of office space, and CFC, is an office fit-out business in the Thames Valley. The group generated a profit of £2.1m on turnover of £36.8m in the year to July 2007.
Roger Smee is the majority shareholder in Leander. He also owns 14.3% of Real Office through his pension fund.
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