News blog
Astaire Group / Evolve Capital
- BY: Andrew Hore |
- POSTED: 15/07/2011 |
Evolve Capital intends to offer shareholders in Astaire the chance to swap their shares for Evolve shares or receive a cash payment for them.
Evolve Capital owns 53.6% of Astaire. No cash figure has been announced for the potential bid, which will require the agreement of the other shareholders.
Evolve reckons that Astaire has cash of up to 2p a share but it is difficult to assess the value of its other investments and assets.
At 1.35p a share, Astaire is valued at £2.77m. Astaire had a net asset value of £6.68m at the end of 2010. The balance sheet included £4m in cash.
Evolve consolidates the Astaire results and reported a loss of £4.16m from continuing activities. The income of £510,000 relates to Plus-quoted corporate adviser St Helens.
At 1.2p a share, Evolve is valued at £3.4m. The net asset value at the end of 2010 was £9.2m. That includes £4.46m of cash – including the Astaire cash.
Edward Vandyk of Evolve has built up a 3.2% stake in Astaire. In the past month, Astaire’s chairman James Noble bought 1.2m shares at 0.825p a share and 0.85p a share. He had to wait until the 2010 figures were published at the end of June.
Download the June 2011 edition of AIM Journal at http://www.hubinvest.com/AIMPDFJuly2011_22.pdf
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