by David Sands
In a bid to spread shares among its employees and maintain company loyalty, Edward Erdman is making a general offer of £1.4m of ordinary shares to all existing directors, associates and full-time employees.
The arrangement also maintains the merger dialogue with Auguste-Thouard, raising the French firm’s equity interest in Erdman from 15% to 18% of the enlarged share capital. In addition, the offer’s structure enables retired Erdman employees’ shares to be bought back (see “Finance” on p 58 for full details).
Erdman says that, underlining the rapprochement of the UK and French firms, two AT directors will join the Erdman board while two Erdman directors will move on to AT’s board; the intention is for “both parties to work towards the development of a combined group by the end of the year”.
The eventual size of the merged company appears to be uncertain since, as EG went to press, Paris sources claimed that substantial redundancies at AT are “imminent”. In 1990 Erdman’s City office closed with the loss of 40 staff.
Meanwhile, Grimley J R Eve has set up a formal association with Paris-based international property consultant Main Cities Europe. Announcing the agreement, Grimley’s Continental partner. Peter Craig. said: “It’s a logical step for us…We need to provide a full property advisory service in mainland Europe for our clients.”
The driving forces behind MCE are managing director Jean-Louis Sylvestre and Michel Cappelle, both formerly of the defunct Bordais Real Estate Advisors. Philippe Crauk, who previously ran the Bordais Hede France Est office, is national director of MCE, while Guy Grundy is responsible for the Anglo-French link-up, Paul Boursican takes charge of national investment.
