Edward and Jeffrey Azouz of AR&V Investments have launched a tender offer for up to 25% of AIM-listed property investor and developer Pathfinder Properties.
Hitchens, Harrison & Co has offered 12p cash per share for up to 19,936,357 ordinary shares on behalf of Sunnyview, a wholly owned subsidiary of AR&V Investments set up solely for the tender offer.
The offer represents a premium of 41.2% over the bid price of 8.5p per Pathfinder share and a premium of 26.3% over the mid-market price of 9.5p per share at the close of business on 5 November.
Pathfinder said it would write to shareholders as soon as possible with its views on the tender, and in the meantime strongly recommended that shareholders take no action.
Sunnyview and associated parties together own 287,085 ordinary Pathfinder shares, or 0.36% of the issued share capital.
Pathfinders shares were up 18% at 11.5p this morning, giving it a market capitalisation of £9.2m.
The company made a pre-tax loss of £1.3m in the year to 31 December (£1.37m profit in 2000), on turnover of £530,000 (£4.59m in 2000).
EGi News 08/11/02
