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FIH Group Agrees To GBP37.3 Million Takeover By Staunton Holdings

Fri, 10th Feb 2017 07:50

LONDON (Alliance News) - Staunton Holdings Ltd on Friday said it has agreed a GBP37.3 million deal to acquire UK-listed FIH Group PLC, which owns businesses in the UK and Falkland Islands.

FIH, formerly called Falkland Islands Holdings, will be acquired by Staunton for 300.00 pence per share, a 27% premium to its closing price on Thursday and a 42% premium to its volume-weighted average price for the 12 months leading up to Thursday.

FIH owns the Portsmouth Harbour Ferry Co and owns art transport and storage service Momart.

Blackfish Capital, an associate of Staunton, already owns a 23% stake in FIH. Staunton is a private firm incorporated in Guernsey and is ultimately controlled by the Rowland Purpose Trust 2001.

Edmund Rowland, the executive chairman of FIH Group, is a member of the Rowland family.

"The offer provides all FIH shareholders with the opportunity of a cash exit at an uplifted value to the prevailing share price. The independent FIH directors recommend this offer and, if shareholders accept it, will look forward with confidence to the company's ownership by Staunton," said FIH Non-Executive Director Jeremy Brade.

By Sam Unsted;; @SamUAtAlliance

Copyright 2017 Alliance News Limited. All Rights Reserved.

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