PROPERTY giant Slough Estates has made an agreed takeover bid to
rescue Bredero Properties. It already has 49.5% of the Ordinary shares
and is offering 10p per share for those it does not already own, valuing
the whole company at #3.7m.
Bredero plunged into the red in 1992 by more than #106m before tax as
a result of huge provisions, largely against its Centre West offices and
shops development in Hammersmith, west London.
It had to negotiate a debt standstill with its banks and agreed to a
programme of disposals to raise money.
Annual results for last year show a pre-tax loss of just #194,000 in
the absence of any major provisions. However, the directors said the
group remained constrained by its low asset base and the rights of its
Prefernece shareholders.
''In view of the extremely limited prospects for rebuilding its asset
base or providing a meaningful income for shareholders, the board cannot
envisage achieving a return to shareholders equivalent to the value the
offer by Slough places on the Ordinary shares.''
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