(Alliance News) - Andrew Tinkler is in talks with nmcn PLC for a multi-million pound "transformation plan", Sky News reported on Sunday.
The Nottinghamshire-based infrastructure engineering firm has been in "advanced talks" with a corporate vehicle set up by Tinkler, the ex-chief executive of Stobart Group, now Esken Ltd, and his former colleague Ben Whawell.
According to Sky News, the resulting deal could provide up to GBP25 million of new funding to nmcn including a bridging loan of GBP10 million and new equity for this summer of nearly GBP15 million that will effectively give Tinkler a controlling stake in nmcn. A new borrowing facility from Lloyds Banking Group is expected to offer added headroom as well.
Current shareholders would be given the opportunity to back the transformation plan through a GBP5 million open offer.
An announcement may be made about an agreement between nmcn and Svella as early as Monday morning.
https://news.sky.com/story/ex-stobart-chief-tinkler-stages-comeback-with-bid-to-rescue-construction-group-nmcn-12337129
By Scarlett Butler; scarlettbutler@alliancenews.com
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