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Property Recycling

  • BY: Andrew Hore |
  • POSTED: 11/02/2011 |

Brownfield land developer Property Recycling plans to leave Aim.

There is no likelihood of being able to raise cash through the quotation and it will take time to sell of the property portfolio. Leaving Aim will save 50,000 a year.

The Rackham family interests own 80.8% of the company so the Aim quotation will be cancelled by 25 March. Paul Rackham Ltd will purchase shares from minority holders for 14.5p each. That could cost up to 1m. As Property Recycling sells its property assets it will use the cash to make tender offers for shares.

At 15.5p a share, down 5p, Property Recycling is valued at 5.61m.

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