News blog

Toye

• BY: Andrew Hore |
• POSTED: 14/06/2014 |

A mandatory bid of 35p a share is being made for medals and regalia supplier Toye & Co by its chairman Brian Toye.

That is the price at which Brian Toye has agreed to buy the 12.1% stake owned by Gibraltar-based company Harris Rodriguez Ltd, which it acquired from Nicholas KS Wills, who retired as a non-executive director of Toye at the end of 2013 after 17 years on the board. Brian Toye and related interests will end up with 53.2% of the company.

The share price fell 10p to 40p, which values the company at £899,000. The NAV was £2.62m at the end of 2013. Net debt was £1.65m at the end of 2013 but this includes a £2m loan which is effectively an advance payment on the sale of a London property, which will raise at least £2.75m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJune2014_57.pdf