British Land (BL) subsidiary Union Property Holdings has launched an agreed £13.4m bid for FRP Group, an unquoted London residential property investment company, said FRP.
Union Property will pay £4.04 cash for each ordinary 50p share, £2.02 for each 25p share and £4,967.24 for each ‘A’ ordinary share.
FRP chairman Roger Devlin said: “We are pleased to recommend the offers, which we believe, as reflected in the irrevocable commitments, represent attractive offers for FRP shareholders.”
Earlier this year, David Fell, who has been chief executive of FRP since its inception in 1993, notified the board that he wanted to resign by December, with the company having commissioned surveyor Allsop & Co to auction the business off.
In the year ended 30 November, FRP reported turnover of £1.3m (2000: £1.2m) and pretax profits of £279,101 (2000: £355,150).
As at 30 November its net assets were £12.8m (2000: £11.5m).
EGi News 17/09/02
