News blog

Manroy

• BY: Andrew Hore |
• POSTED: 12/05/2014 |

FN Herstal’s bid for machine guns manufacturer Manroy is nearer completion following shareholder consent for the payment of $500,000 to Maher Ltd.

Manroy owns 49% of Manroy USA. Maher lent the US associated company $500,000 but it cannot afford to pay it back and Manroy said it would pay.

The next closing date for the bid is 16 May. The 85p a share bid values Manroy at £16m.

FN Herstal is part of the Belgium-based Herstal Group, which is a firearms manufacturer. It is not interested in the US business and the stake will be sold to one of its directors.

There are plans to close the Sussex factory and move all f Manroy’s production to south east London, where rent is lower and skilled employees are easier to find. 

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFMay2014_56.pdf