It was originally reported in the financial press in February 2016 that the private Equity Group Better Capital had appointed Lazard to oversea a £300m sale of Derby based Gardner Aerospace.
Better Capital has owned Gardner since 2010, and the proceeds of any sale will contribute to the performance of Better Capital’s maiden fund.
On Wednesday 17 November CityAM reported:
Shaanxi Ligeance Mineral Resources digs out £326m for Gardner Aerospace
Chinese aerospace and mining firm Shaanxi Ligeance Mineral Resources (SLMR) announced today it is to buy aerospace parts manufacturer Gardner Aerospace.
Derby-headquartered Gardner Aerospace makes parts which are used by Airbus and is currently one of the high-flying businesses held by City veteran Jon Moulton’s Better Capital.
SLMR, along with its subsidiary Chengdu Aerospace Superalloy Technology (CAST), plans to pick up Gardner for £326m in cash and is being advised by Jason Steen’s Steen Associates, Herbert Smith Freehills and KPMG.
You can read the full article from CITYAM here
On Thursday 18 November CityWire ran an article focusing on the 10% increase and effect on Better Capital of the possible Gardner Aerospace sale.
Venture capitalist Jon Moulton’s Better Capital 2009 soared up to 10% on news that the investment trust’s core holding in Gardner Aerospace was in exclusive talks over a £326 million takeover offer from a Chinese bidder.
If Shaanxi Ligeance Mineral Resources Co (SMLR) clinches the deal to buy Gardner, it should result in a 9.7% uplift to the net asset value (NAV) of BCAP, which invests in distressed businesses and looks to turn them around.
SMLR’s cash offer is considerably more than Better Capital’s valuation of £280 million for the business in March and could result in a £212 million pay-out to shareholders early next year, according to Numis Securities.
You can read the full article for Citywire here:
Roy Horton writes for BHW Solicitors Aerospace Solicitors and Corporate and Commercial Team
from bhwsolicitors blog https://bhwsolicitorsblog.wordpress.com/2016/11/21/recent-news-about-gardner-aerospace/
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