91% back Pochin’s buyout

THE take-private of Cheshire-based construction group Pochin’s has been agreed by 91% of shareholders.

The offer by property development director James Nicholson and other members of the Pochin family values the Middlewich company at £9.4m.

Today it said 91.6% of shareholders had voted in favour of the move and declared the deal “unconditional as to acceptances”.

There are still two weeks for remaining shareholders to vote but even if they opose the deal the company can now be bought compulsorily because the bidder has secured more than 90%.

The deal involves the sale of Pochin’s Midpoint industrial park near Middlewich once it delists. It has agreed an £11.5m sale to a fund run by Irish investor Michael Chadwick who is also a Pochin’s non-executive director.

The take-private offer is based on 45p a share, higher than an initial approach in December at 41p. The company’s shares closed at 43.5p yesterday, giving it a market value of £9m.

The bid is being conducted by a new vehicle called Middlewich.
 

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