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Local Radio Company

  • BY: Andrew Hore |
  • POSTED: 14/04/2009 |

Hallwood Financial Ltd has launched a rival bid for Local Radio Company.

Hallwood is bidding 2.5p a share for LRC, compared with the 2p a share bid from UKRD. Hallwood already owns 28.3% and UKRD owns 29.5%.

The Hallwood groupís main interests are property, energy and textiles. LRC director Anthony Gumbiner is also a director of Hallwood and LRC director Rhys Davies is a director of a company in the Hallwood group.

Hallwood has offered LRC a £1m loan facility. It also says that it will retain the AIM quotation if it does not receive acceptances of 90% of the shares.

The independent non-executive director has rejected the UKRD bid and is recommending the Hallwood offer.

At 2p a share, Local Radio Company is valued at £1.44m. The Hallwood bid values LRC at £1.8m. 

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