News blog
SpaceandPeople
- BY: Andrew Hore |
- POSTED: 10/03/2010 |
One of SpaceandPeople’s main shareholders may distribute its holding in the experiential marketing company to its own shareholders.
Welsh Industrial Investment Trust, which owns 1.35m shares in SpaceandPeople, is posting a circular proposing the winding up of the company to shareholders.
There are 1.35m shares in Welsh Industrial IT in issue so it will be a one-for-one distribution.
Shareholders owning 62.1% of the company are keen for the company to be liquidated and the cash returned to shareholders. The general meeting will be held on 1 April but there is no guarantee that the required 75% of the votes will be in favour of the winding-up.
Gresham House, which owns 13.62% of SpaceandPeople, is one of the shareholders pushing for the winding-up. The Gresham House No 1 Pension Scheme owns a further 9.78% of SpaceandPeople. Gresham House and the pension scheme own a combined stake in Welsh Industrial IT of 29.3%. The share distribution will probably give them an extra 400,000 plus shares or an additional 3.5% of SpaceandPeople.
There is rarely much trading in SpaceandPeople shares so any selling by Welsh Industrial IT shareholders could have a negative effect on the share price.
At 68.5p a share, SpaceandPeople is valued at £7.97m.
Other Aim companies where Welsh Industrial IT has held shareholdings in the recent past include Avesco Group, Image Scan and OMG.
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