News blog
Avesco Group
- BY: Andrew Hore |
- POSTED: 25/02/2010 |
Taya Investment Company has increased its stake in Avesco Group from 11.2% to 20.4% but it says that it has no current intention of making a bid for the broadcast and presentation equipment supplier.
Paul Smith and Sarah King have cut their 4.9% stake in Avesco to below 3%. JPMorgan and Directors Dealing Investment Trust also no longer have notifiable stakes, although these appear to have been sold prior to the latest increase in Taya’s shareholding. Herald Investment Trust has reduced its stake from 13.3% to 12.5% by taking advantage of the recent share price rise to sell 200,000 shares.
Taya indicated at the beginning of 2010 that it would be willing to bid between 28p and 35p a share. The shares are trading at 42.5p each, down 5p on the day, which values Avesco at £10.63m. Even after the share price fall today, it is still nearly 90% higher than one week ago.
Management felt that the indicative bid was inadequate. The net asset value was 148p a share at the end of September 2009, so the shares are currently trading at a 71% discount to NAV.
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