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Waterline

  • BY: Andrew Hore |
  • POSTED: 19/07/2007 |

Fitted kitchens and equipment supplier Waterline’s management is considering taking the business private. 

This isn’t a total surprise because the management doesn’t give the impression it feels that it has got what it hoped from being a quoted company. The passing of the dividend for the last financial year, even though the business is still profitable, showed that the management had different priorities to investors. It also had the predictable effect of knocking the share price because many investors had bought the shares for their yield. Discussions with other interested parties have also taken place and a strategic review of options is being carried out by Mazars Corporate Finance. The shares have recovered to 62.5p on the back of the management’s approach but there is no guarantee that there will be a bid for the company. Waterline floated in July 2005 at 84p a share. 

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