Banks cash offer

17 December 1999

Banks cash offer

A RECOMMENDED cash offer for Sidney C Banks was announced this week, the latest move by the Banks family to regain control of the company and de-list it.

The offer was made by shell company Sanwalton, owned by the Banks family and Notts businessman Brian Wells.

In view of this, the board has deferred declaring a potential 4.75p/share dividend on the companys six-month results to Oct 31, 1999. The interim figures should help the Banks familys case, revealing a 45% slump in pre-tax profits to £1.46m.