News blog
Bulgarian Property Developments
- BY: Andrew Hore |
- POSTED: 21/02/2009 |
Windsorville Investments Ltd has posted its 16p a share mandatory bid document for Bulgarian Property Developments.
The offer remains open until 1pm on 12 March. The bid values BPD at £17.3m.
Windsorville acquired 10.65m shares at 16p each, taking its stake to 35.6%, and this triggered the mandatory bid.
Windsorville has subsequently withdrawn certain statements on page five of the bid document concerning lack of good corporate governance. Windsorville claimed that the three BPD non-executive directors were being paid an annualised amount of £600,000. BPD says that the three non-executive directors earn £100,000 a year. Extra time taken by the chairman and the UK-based non-executive is payable at a daily rate of £2,000 for the chairman and £1,500 for the non-executive. The total remuneration of the non-executives is estimated to have been £113,000 in 2008. That is much lower than the Windsorville estimate so it is no surprise that it has had to withdraw the accusation.
BPD’s directors believe that the bid undervalues the business and argue that Windsorville is taking advantage of the global economic crisis.
At 17p a share, BPD is valued at £18.4m.
© 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 This material may not be published, broadcast, rewritten or redistributed.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
|