News blog
Dowgate Capital/Astaire
- BY: Andrew Hore |
- POSTED: 22/06/2009 |
Astaire has launched a bid for fellow Aim adviser Dowgate Capital even though it is not an agreed bid.
The offer is either 30p in cash plus nine Astaire shares for every 10 Dowgate shares or 60p in cash plus three Astaire shares for every 10 Dowgate shares. Astaire shares are trading at 5.25p each, which values the first bid at 7.725p a share and the alternative bid at 7.575p per Dowgate share.
Astaire had originally talked about a 6p a share cash bid but this was reliant on being recommended by Dowgate. The FSA has agreed to Astaire taking control of Dowgate.
Astaire owns 10.9% of Dowgate and has irrevocable undertakings to accept the offer from a further 16.9% owned by Dru Edmonstone and Clive Mattock.
At 6p a share, Dowgate is valued at £2.37m.
This is part of Astaire’s strategy of being a consolidator at the smaller companies end of the market. Astaire, previously known as Blue Oar, has enough cash to pay the cash elements of these bids.
Dowgate’s board is still assessing the bid.
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