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Waterline
- BY: Andrew Hore |
- POSTED: 28/10/2008 |
Kitchen equipment and accessories supplier Waterline is dumping its Aim quotation.
The Waterline share price continues to decline. At 5.5p a share, Waterline is valued at £720,000. The company joined Aim in July 2005. At that time it was valued at £11m at the placing price of 84p a share.
Waterline’s management has felt for sometime that they would prefer the company to return to being private. Back in July 2007 management talked about taking the company private but after an elongated process but the independent directors decided to turn down a 65p a share bid. Dropping the dividend when the company was still profitable did not endear the company to its investors.
The cost of the Aim quotation is said to be £200,000.
Waterline reported a loss of £46,000 in the year to March 2008 - against a profit of £907,000 the year before. The NAV is 53.7p a share.
A general meeting will be held on 10 November to gain shareholder approval for the cancellation of the Aim quotation.
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