logo

David Munro the former chief executive of the concrete group RMC is a non-executive

Posted by admin   ·     ·   Jump to comments

David Munro, the former chief executive of the concrete group RMC, is a non-executive.. Sixteen other employees are also selling shares in the flotation.The broker is Bridgewell Securities, which expects the company to attract a market value of about £60m Mr Williams is selling 30 per cent of his 55 per cent stake. In total, 50 per cent of the company is being offered for sale to City fund managers.Richard Nelson, the deputy chairman of the product-testing group Intertek, will become Wogen's chairman on flotation, with Mr Williams moving to deputy. It is owned by its employees, which it calls Wogeners, and Mr Williams says he has tried to create a family atmosphere.

However, the flotation plan flushed out potential bidders, including Gala and the private equity firm CVC. Gala, which is owned by the private equity groups Permira, Candover and Cinven, meanwhile shelved its own flotation plans this summer.. A metals trader who has been selling commodities into China for more than three decades is about to net £20m from selling the company he founded in 1972 and cashing in on the boom in the Far Eastern economy. Colin Williams, the founder and chairman of Wogen Group, is selling a 30 per cent stake in the business in a flotation on AIM this month. Wogen - its name is based on the early Mandarin word wu-jin, meaning five metals - is a niche metals trader specialising in magnesium and exotic metals such as indium. Its equity is currently valued at about £800m, while its debt is now about £1.2bn.Charterhouse had intended to float the bookmaker on the London Stock Exchange within the next 18 months. It will encompass more than 1,200 betting shops, 30 casinos and 166 bingo halls.Coral Eurobet was bought by the private equity firm Charterhouse in 2002 for £860m including debt.

The bingo operator Gala is close to buying Coral Eurobet in a takeover that could trigger a £128m windfall for the bookmaker's senior staff and managers. The deal, which is expected by the end of this week, is set to value Coral and its debt at £2.1bn. Senior staff at Coral hold a 16 per cent stake in the bookmaker, which would net them more than £128m. Coral's chief executive, Vaughan Ashdown, and its finance director, Mick Mariscotti are set to stay with the new group, according to reports last night. John Kelly, the chairman of Gala, is expected to take on the same role at the combined group, while Gala's Neil Goulden will remain as chief executive.The merged group, which will be worth about £4bn, stands to benefit from the deregulation of gaming industry being introduced by the Government. "The sooner they open their eyes and do the right thing the better."Kofi Annan has pledged to send an envoy to Zimbabwe in November to break the impasse between the Mugabe government and international donors..

readers comments

Comments are closed.

NBA

NBA

MLB

MLB

NFL

NFL

NHL

NHL

WWE

WWE

Your sideblock text goes here