News blog
Local Radio Company
- BY: Andrew Hore |
- POSTED: 02/03/2009 |
Trevor Smallwood has taken a 16% stake in Local Radio Company.
It appears that this could be the Trevor Smallwood who used to be boss of bus and rail company FirstGroup. He is currently chairman of the radio group UKRD, owner of Bristol’s Star FM, which took a 9.89% stake in LRC in the middle of February 2009.
It is not clear whether the 16% stake Smallwood now holds includes the UKRD stake.
According to its website (www.ukrd.com) UKRD owns seven local radio stations. The company was formed in 1994 when Pirate FM merged with UK Radio Holdings and 3i is one of its investors. UKRD is thought to have been a takeover target of LRC a few years ago.
In 2007, UKRD acquired Exeter-based search engine and IT company Netrank for an estimated £3m, but it appears to have been acquired by global marketing and technology agency LBI International AB in January 2008.
Herald Investment Trust and Aim Realisation Fund Ltd have both been reducing their stakes in LRC in recent weeks. Herald went from 6.1% to 2.7% and Aim Realisation Fund from 9.1% to 8.7%.
LRC still has not reported its figures for the year to September 2008. There was £2m in the bank at the end of March 2008 and since then disposals have brought in more cash, but continuing losses will have used at least some of that cash.
Portsmouth FC has a 26% stake in a joint venture company owning the Quay in Portsmouth, Spirit FM in Chichester and Isle of Wight Radio. PFC extended its option to increase the stake to 50% until 15 February 2009. This would cost £950,000 but there has been no news about whether the deal has gone ahead.
At 2p a share, LRC is valued at £1.44m.
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