Nightfreight Sale
Nightfreight in agreed 35.1 mln stg MBO bid
LONDON (AFX) – Ewenny PLC said it has made a 69 pence per share agreed bid
for Nightfreight PLC, valuing the company at 35.1 mln stg.
Ewenny is a MBO vehicle, formed for the purpose of the bid, it added.
The offer represents a premium of 54.2 pct over the closing middle market
price of 44.75 pence per Nightfreight share on Dec 14.
Ewenny added it has received irrevocable undertakings in respect of 27.8 mln
Nightfreight shares representing about 54.7 pct of the issued share capital of
Nightfreight.
In a separate statement Nightfreight said since the year end, progress has
continued to be made in the core Parcels division as the new capacity at the
central hub accommodated increased consignment volumes.
Similarly, the underlying performance of the logistics business continues to
be encouraging and it believes the prospects for the current financial year
remain good.
The comments came as Nightfreight posted a pretax profit for year ended Nov
30 of 4.51 mln stg, gainst 4.12 mln previous, on total revenues of 96.0 mln stg,
against 94.0 mln previous.
Earnings per share were 6.25 pence against 5.48 pence previous.
It said due to the bid by Ewenny, it does not propose to declare or pay a
final dividend for the year.
Therefore the unchanged interim dividend of 0.7 pence represents the total
distribution for the year.
rn
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