PROPERTY developer Terrace Hill Group has seen its shares surge 14% as the market reacted to a proposed £170 million fundraising and an ambitious deal with a rival.
The group, founded and headed by oil industry entrepreneur Robert Adair, had its shares temporarily suspended on Monday while the plan was unveiled.
As well as buying fellow property developer Urban&Civic Holdings, in a deal which is categorised as a reverse takeover under AIM guidelines because of the relative size of each company, the group also plans to leave AIM and list on London's main market.
Private equity backed Urban&Civic, which is valued at £95.3m, has outline planning permission for a large development near Cambridge and a stake in another major project at Rugby in Warwickshire.
Shares in Terrace Hill, which has its registered office in Edinburgh, closed 3.12p ahead at 25.25p. That came after trading in the stock resumed at 7.30am yesterday. A general meeting to approve the issue of new shares for the placing and the Urban&Civic deal takes place on May 14.
Mr Adair, an Oxford University geology graduate, specialised in oil and gas taxation following his accountancy training.
He went on to found Melrose Resources, which merged with Petroceltic in 2012 in a deal worth £165m, and was also chairman at Plexus Holdings. He has held board level positions in a number of other private companies.
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