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WH Ireland/Blue Oar

  • BY: Andrew Hore |
  • POSTED: 21/12/2008 |

Aim adviser WH Ireland says that it is considering a bid for its fellow Aim adviser Blue Oar.

Blue Oar is already t subject of an all-share bid from Evolve Capital but this increasingly looks like an attempt to flush out other bidders rather than a serious bid in itself.

Any bid from WH Ireland is conditional on satisfactory due diligence and unanimous recommendation by the board of Blue Oar. No valuation has been suggested.

Blue Oar proposed a bid for WH Ireland earlier this year but bid talks were called off in April. Blue Oar said at the time that it believed a combination of the two businesses would be a good idea.

WH Ireland says that its net asset value is still in excess of its market value of £14.8m - at 70.75p a share. Annual retainer income more than covers the costs of the securities business. Stockbroking commissions increased substantially in October and November. In the six months to November commissions were £9.4m, which is 19% higher than the first half of the year. Total stock broking revenues were one-fifth higher in the second half of the financial year and that more than made up for lower corporate finance and financial services revenues.

The potential bid sparked a 1.75p rise in the Blue Oar share price to 13p each, which values the company at £21.7m.

Blue Oar has told its shareholders to take no action. 

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