Leeds-based Minorplanet rejects suitor
Published Date:
08 May 2008
Business Editor
LEEDS-based vehicle tracking firm Minorplanet said today that it had rejected a possible suitor.
The firm revealed recently that it had received a written conditional proposal from a third party outlining a possible cash offer at 40p per share.
In a statement today, it said it believed the offer materially undervalued the company's position and its prospects.
"There can be no guarantee that an offer will materialise nor as to the terms on which any offer will be made," the firm added.
The news came as Minorplanet announced its interim results for the six months to February 29 which showed pre-tax profit increasing to £300,000 (2007 as restated: £200,000) on a turnover of £11.3m (2007: £11.6m).
Chairman Lars McBride said the firm had generated consistent profits and had improved it balance sheet since a refinancing in November, 2005.
"We remain confident about the group's prospects," he added.
The full article contains 158 words and appears in n/a newspaper.
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Last Updated:
08 May 2008 9:00 AM
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Source:
n/a
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Location:
Leeds
