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John Swan & Sons

  • BY: Andrew Hore |
  • POSTED: 18/12/2014 |

H&H Group has revealed its intention to launch a cash bid of £13.50 a share for livestock auctioneer John Swan & Sons.

The main attraction is John Swan’s land and property portfolio in Scotland, although its auction activities would fit with H&H’s own auction business, whch sells machinery and other items as well as livestock. Other activities include printing, property services and insurance.

Loss-making John Swan had a NAV of £5.78m at the end of April 2014. John Swan recently sold 1.4 acres of grazing land at Chesser Avenue to the owner of the nearby Edinburgh Corn Exchange venue for £550,000. Marco’s Leisure has agreed to pay additional proceeds if it sells the land for a higher price or if planning permission is granted for change of use within five years. John Swan would receive 50% of any increase in value.

That land was in the books for £50,000.

There could be a cash offer with a partial share alternative and the John Swan directors currently intend to recommend the cash offer if it is made formally. Carlisle-based H&H (www.hhgroupplc.co.uk) is not quoted on any market but it does have around 1,000 shareholders and regular share auctions are held.

The share price increased 625p to 1300p, which values John Swan at £8m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFDecember2014_63.pdf

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