Gibraltar-based company Harris Rodriguez Ltd has taken a 12.1% stake in Toye & Co.
It appears that Harris Rodriguez has acquired the stake in the medals and regalia supplier owned by Nicholas KS Wills, who retired as a non-executive director of Toye at the end of 2013 after 17 years on the board.
At 44p a share, Toye is valued at £989,000. At the end of June 2013, the NAV was £1.41m and net debt was £1.6m. There is a £2m loan relating to the sale of 19-21 Great Queen Street for at least £2.75m, compared with a book value of £934,000. There is potential for an additional payment of up to £500,000 depending on planning consent. The proceeds from the eventual sale of the property will offset the loan from the buyer. This means that the underlying NAV is more than £3m.
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