Pochin talks near conclusion

Talks to take Cheshire-based developer-contractor Pochin private are expected to conclude this week, with property development director Jim Nicholson understood to be close to making a cash offer for the company.

Nicholson, grandson of Pochin's founder Cedric Pochin, has been leading talks to privatise the business since mid-December. Pochin has been publicly listed for 50 years.

Nicholson and other members of the Cedric Pochin Concert Party group of shareholders, 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.

If a cash offer is made, the Pochin board will recommend shareholders vote to accept it at an extraordinary general meeting.

A stock market announcement earlier this week said: "The independent directors of Pochin's can confirm that they are in advanced discussions with the potential offeror regarding a possible cash offer for the issued share capital of the company at an indicative price of 45p per ordinary share, with a share alternative.

"A further announcement will be made in due course."

Nicholson leads the property side of the Pochin business, while Jonathan Pochin heads up the construction arm. Jonathan Pochin's grandfather Arthur Pochin co-founded the company with Cedric Pochin in 1934 as a joinery firm.

All parties declined to comment further.

Pochin's share price remains stable at 40p.

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