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Local Radio Company

  • BY: Andrew Hore |
  • POSTED: 30/03/2009 |

Local Radio Company says that it will consider the bid from UKRD when the offer document is sent out but it did not mention anything about its open offer, which closed on 27 March.

The general meeting to enable the shares to be issued is due to be held on 1 April 2009 but UKRD and its chairman, which own 29.5% of LRC, intend to vote against the 42-for-five open offer raising £1.51m at 0.25p a share.

UKRD Group is bidding 2p a share for LRC, which values the radio broadcaster at £1.44m. The shares are unchanged at 1.5p each, which values the company at £1.08m.

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