(Adds detail)
LONDON (Thomson Financial) - Quayle Munro Holdings Plc. said it will receive
about 3.6 million pounds plus a 49.9 percent stake in a new holding company,
Submersible Technology Services Holdings Ltd. (STS Holdings), after the
restructuring and management buy out of Submersible Television Surveys Ltd
(STS).
The Edinburgh-based investment bank said it holds a 93.3 percent stake in
STS, a specialist sub-sea equipment supplier, with the remainder held by STS's
chief executive William Rodger.
The company said it will receive about 1.69 million pounds in cash, 1.87
million pounds in 8 percent loan stock 2008-2015, and the 49.9 percent interest
in STS Holdings.
STS, with fixed assets worth about 4 million pounds, reported a pretax
profit of about 1.1 million pounds for each of the year ended Dec. 31, 2006 and
Dec. 31, 2007, it added.
Quayle Jones, former chairman of STS has resigned with effect from Thursday,
and the appointment of non-executive chairman and non-executive directors will
be announced shortly, the company said.
tf.TFN-Europe_newsdesk@thomson.com
jjo/bsu/slm/jjo/bsu/ejp
COPYRIGHT
Copyright Thomson Financial News Limited 2008. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content,
including by framing or similar means, is expressly prohibited without the prior
written consent of Thomson Financial News.
|