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.

See more