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Back in the day Stan would say it was time to sell when you can’t add any more value yourself.
Maybe it’s that time ?
This is not all over They have only received irrevocably commitments for 6.59% for the offer. That is 5.22% from the Clarke family and 1.37% from the directors. The largest shareholders have not yet committed to the deal, and who is to say another offer may not appear.
J O Hambro Capital Management who own 9% of St Modwen are saying that the Blackstone offer is to low and will vote against the offer. They say they would rather work with the existing management to create value.
Hi Chloe, Just a potted history on St Modwen, Redman tools started life at Gregorys Bank Worcester making Machines to produce bumpers for the car trade , they floated on the stock market in the early 1960s. Then they took over Heenan Froude in the late 1960s and developed that site as Industrial start up site. Stan Clark wanted to gain a Stock market quotation in the early 1970s and found the best way to do this was to join forces with a already Quoted company. He joined forces with the then Redman Heenan co and became Chairman. The changed the name to St Modwen.
Stan Clark looked after the shareholders with days out to Uttoxeter Races once a year and his family were large share holders in the company. Just remember we still have a vote on this takeover if we do not like the way it is going.
I thought it was Stan Clark who started st modwen ? I new the the man personally. Our family brought at 17p in the-early 80s
He lived in the same village. So proud of my dad keeping them. Even through the 2008 crash (68p). Will be a loss to the stock exchange..
Good result for you Allenby, and as you say sad to see it go. In my view they've done a decent job redeveloping the Longbridge site. I bought in 5 years ago because a mate who worked there told me more about the company and it sounded interesting. The week after it tanked because of the brexit vote!!
Since then it's hardly ever been underwater and has given me a double digit annual return which has just jumped a couple of percent after this news.
Hope that jobs are safe.
I bought into this company in the 1960s when it was Redman Tools then Redman Henan . I will be sorry to see it go but not a bad return from the 6 shilling a share at flotation.