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Western Selection

  • BY: Andrew Hore |
  • POSTED: 18/02/2009 |

Western Selection is moving to Plus-quoted and expects to save £25,000 a year.

The investment company has warrants quoted on Plus-quoted and, like many other Aim companies, the ordinary shares have been traded on Plus-traded. Western plans to move the ordinary shares quotation to Plus-quoted. Western Selection was originally quoted on the Main Market.

Management points to the fact that 87% of the trading in the company’s shares has been through the Plus-traded facility. They do not believe that moving to Plus-quoted will hamper the attraction of new investors or the retention of existing ones.

At least 75% of shareholders voting need to support a resolution at an EGM on 12 March. The Aim quotation will be cancelled on 19 March if the resolution is approved. 

The net asset value of Western Selection was 45p a share at the end of December 2008 - based on the market value of investments - down from 58p a share at the end of June 2008. At 23.5p a share, Western Selection is valued at £4.22m.

The three main quoted investments - Creston, Northbridge Industrial and Swallowfield - all fell in value over the past six months. The 49.5% stake in the unquoted Hartim, which owns Tudor Rose International, has risen in value from £797,000 to £935,000. TRI handles international marketing and logistics for well-known British brands. Hartim made profits of £416,000 in the nine months to December 2008.

Western has £316,000 of cash in the bank plus £2.5m of unused bank facility. 

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