Thursday, March 13, 2008
HR Owen shares attracting interest down under
HR Owen, the prestigious London car retail group run by Nick Lancaster, is in play with big blocks of shares being scooped up by a wealthy car dealer running a string of retailers in Australia.
The buyer is Neville Crichton of Ateco Automotive which imports luxury and sports cars into New Zealand and Australia. The shares have been acquired through his holding company, Balverona. Stock Exchange records show that he has built a stake of more than 27% making him the largest single shareholder.
He has paid as much as £1.50 a share compared with the prevailing market price of 145p, and an asset value at under 60p according to the published balance sheet of last June. He is a keen ocean racing yachtsman and has been quoted by financial newswires as saying that he is “not making a bid at this point” but rates HR Owen as “the Harrods of the car business in the UK.”
DATED: 13.03.08
FEED: AM
The buyer is Neville Crichton of Ateco Automotive which imports luxury and sports cars into New Zealand and Australia. The shares have been acquired through his holding company, Balverona. Stock Exchange records show that he has built a stake of more than 27% making him the largest single shareholder.
He has paid as much as £1.50 a share compared with the prevailing market price of 145p, and an asset value at under 60p according to the published balance sheet of last June. He is a keen ocean racing yachtsman and has been quoted by financial newswires as saying that he is “not making a bid at this point” but rates HR Owen as “the Harrods of the car business in the UK.”
DATED: 13.03.08
FEED: AM
