PKL cancelled its Aim quotation on 6 October 2006. The wives of two of the directors tendered for shares at 29p each as part of the process of cancelling the temporary catering and healthcare facilities supplier's quotation. This offered shareholders a way out prior to the loss of the quote. The board didn't think that Aim was worth the cost or time and effort especially as they felt that the market had lost confidence in PKL. PKL floated on Aim at 110p a share in April 2004 so it was quoted for less than three years. It got off to a good start because the flotation was at a time when business was booming. The share price subsequently slumped. Brewin Dolphin has tried to match bargains in the shares since October 2006. Chairman Peter Joy and chief operating officer Paul Rogers have set up a buyout vehicle called Bison Projects to offer 100p a share to PKL shareholders. That values PKL at £36.2m. After the bid is completed Bison Projects will be acquired by Bison Projects 2, which is owned by the wives of the two men, on the basis of a one-for-one share swap.

Sector: Services

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  • PKL Posted: 12/08/2008
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