Creightons - Management buyout and possible cash shell

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Joe Public
Air Vice Marshall posted 19 August 2000 10:28
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Sussex based Creightons who announced a move into e-commerce back in February this year are still treading water. (See earlier article from CITYWIRE
below. In early March through fundraising, creightons handed over nearly 19% of ordinary voting shares to Jupiter Asset Management, who as we know are arguably the most successful fund managers in the UK. At that point the shares hit 33p, a year high, but are now currently back at 11p, just off their year low. Creightons report their full year figures soon, so it should be interesting to find out what progress has been made and how their e-commerce move has dovetailed into the business.
Joe


Creightons plans e-move
The board at cosmetics group Creightons hopes to move into a more favourable sector of the market, such as e-commerce, after it stabilises and sells off its existing business.

It plans to raise £1.3 million through a placing and open offer on the basis of 3 new shares for every 2 existing shares to reduce the group’s indebtedness and provide working capital.

Losses in the six months to 30 September were £874,000, from a loss of £1.4 million in 1998. Losses per share were 4.4p, from a loss of 6.9p. There is no interim dividend.

The shares were suspended at 12p on 1 February after Creightons announced it was in talks with its major shareholders with a view to raising capital. They hit a low of 8p in December.


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Joe Public
Air Vice Marshall posted 23 August 2000 21:19
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This may be yesterdays news in a sense but great news for investors. As reported in THE ARGUS Bill Hamilton the CEO has stepped aside to launch an MBO. Creightons could then become a cash shell for a company looking for a listing and send the share price rocketing. Some history on Creightons here from their website www.creightons.com
A great deal of effort has gone into selling the perfumes business but this despite massive speculation earlier this year has come to nothing. The full year figures are reported in September so all will hopefully be revealed then.

Highly speculative I know but if you do your own research and this happens then who knows.

Joe

Creightons was founded in 1952, and from small beginings in Twickenham, has grown to be one of the major manufacturers of quality toiletries for many of the high street's most famous names. From their factory in Sussex, Creightons have been pioneers in the development of naturally-derived skin care and toiletries, which have found success all over the world.

In 1986 Creighton's Laboratories Ltd was floated on the London Stock Exchange and became Creightons Naturally Plc.

The company now simply Creightons plc, concentrates on those fundamental values, product quality and customer service which ensures its reputation as the leader in its field.

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Dan Dare
Group Captain posted 25 August 2000 23:41
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Hiya Joe and co. Heard about Crightons through my broker. seems we're all set for soem action. Well Danny boy is in and ready!
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Joe Public
Air Vice Marshall posted 05 September 2000 23:52
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Some action now Dan. CRL now up to 12.5p. May be nothing but if you own stock we could be in for some upside!
Joe

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Dan Dare
Group Captain posted 24 September 2000 23:37
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JOE! Not very pleased here. Bought Crightons at 12p and they've gone down a bit. What else do you know about them?
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