News blog
Blue Oar
- BY: Andrew Hore |
- POSTED: 08/12/2008 |
Aim adviser Blue Oar is the subject of a bid from Evolve Capital, which is run by some of its former management.
Evolve Capital is offering 1,025 of its own share for every 1,000 shares in Blue Oar. Shares in Evolve were unchanged at 10.5p, valuing the company at £4.86m. Blue Oar shares were also unchanged and, at 9p each, the broker is valued at £15m. The bid values Blue Oar at £17.9m.
Blue Oar’s management says that it had no warning of the bid. The FSA has agreed to Evolve becoming the controlling shareholder of Blue Oar’s regulated businesses.
The concert party behind the Evolve bid own 31.7% of Blue Oar, which provides a solid foundation for the offer. Evolve director Edward Vandyk is the former Chief Executive of Blue Oar - when it was known as Corporate Synergy.
Evolve, whose backers include former Rowan Dartington boss Barrie Newton, believes that the Rowan Dartington brand name should be the focus of the business. There are plans to spin it off on the Plus-quoted market within 36 months of the bid - if it is successful.
There are hints in the bid announcement that the eponymous Blue Oar business could be sold off. Evolve certainly wants to stem its losses in order to conserve the group’s cash.
Oliver Vaughan has resigned as chairman of Blue Oar and non-executive director David Snow has also left the board. Both men are directors of Evolve and are backing the bid. Gavin Casey has taken over as chairman of Blue Oar.
Evolve was originally set up to invest in Plus-quoted businesses.
© 2024 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
- Browse by issue
- All issues
- Popular tags
- All tags
- AIM Micro feeds
Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds
|