UA Group close to sale

THE DEADLINE for shareholders in Perth-based UA Group to decide if they want to accept the bid for the firm by Elphinstone Land has been extended, for a second time, to Jan 24.

By Jan 7, the closing date after the first extension, valid acceptances had been received for 3,010,704 UA ordinary shares, representing 85.3% of the issued ordinary share capital.

In addition, acceptances totalling 45,293, or 64.3%, of UA preference shares were also received.

Under the terms of its offer, land development firm Elphinstone decided to extend the deadline once more in its bid to secure at least 90% of the shares.

Directors of UA announced on Nov 23, 2004, that they had unanimously accepted the Elphinstone offer, which valued the UA business at some £52m.

The offer comprises £14.70 in cash for each ordinary share, with £1 cash for each preference share.

The ordinary share offer represents a premium of 96% on the closing price of £7.50 on Aug 27, which was the last dealing day on the stock exchange before UA announced that it was in discussions that might lead to an offer for the business.