Pochin takeover talks continue
Talks to take Cheshire-based developer-contractor Pochin private are still ongoing, after a further extension to discussions was announced this morning.
Jim Nicholson, grandson of the Cheshire-based developer and contractor's founder Cedric Pochin, has been leading talks to privatise the business since mid-December, after 50 years publicly listed.
Nicholson, property development director, and other members of the Cedric Pochin Concert Party, which includes Jim's mother and non-executive director Sylvia, daughter of Cedric Pochin, may propose a cash offer for the company. The Cedric Pochin Concert Party owns 42% of the business.
Interim results for the company announced in January showed that turnover was down from £43m in the first half of last year to £38m in the same period of the current financial year. Pre-tax profits were also down from £602,000 to £286,000 in the six months to 30 November 2013.
Monday's announcement to the stock market stressed that 'there can be no certainty that an offer will be made, nor as to the terms on which any offer will be made.'
The deadline for an offer has now been extended twice. Nicholson and the family have until 5pm on 31 March 2014.
Pochin's share price remains stable at 39.5p.
