Directors propose transport group takeover deal
Directors at transport group Rotala have announced a proposal to purchase the business, in a deal that values it at £19.7m.
Simon Dunn (CEO), Bob Dunn (MD North West) and John Gunn (non-executive director) already own 37.59% of Rotala’s share capital and are now looking at purchasing the rest at 63.5 pence per share.
As a result of the approach, a committee of independent directors comprising Graham Spooner (non-executive deputy chair and senior independent director), Graham Peacock (independent non-executive director) and Kim Taylor (group finance director) have been formed to consider the possible offer and have said they would be minded to recommend it to shareholders.
Following the announcement, the Tividale-headquartered company saw its share price up by 42%.
Rotala disposed of £30m worth of assets in a deal with Transport for Greater Manchester (TfGM) and the Greater Manchester Combined Authority (GMCA) in June. A depot and 134 vehicles were sold by the company to repay the mortgage and hire purchase debt of the assets.