UK: RESULTS AND STRATEGIES OF SAVILLE GORDON

Article Abstract:

Saville Gordon, the UK-based industrial property concern, has announced a strong increase in pre-tax profits for the year to 30 April 2000. Net asset value rose by 34% to GB[pound] 1.115 per share, or GB[pound] 250mn. Despite a recent trend among listed property companies to go private, responding to poor stock market ratings, chief executive Roger Carey has abandoned plans to take Saville Gordon private. It is now thought that a former director and 7% shareholder, David Saville, wishes to bid for the company. He is understood to have teamed up with Jack Petchey, a 28.5% shareholder. Annual results, figures in GB[pound] mn Result Current Previous/Change Pre-Tax Profits 17.8 7.81 127.91%

Sales, profits & dividends, Finance, Saville Gordon

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FRANCE: TAKEOVER OFFER FOR CITADEL FROM CLS HOLDINGS

Article Abstract:

UK commercial property group CLS Holdings has made an offer to acquire the portion of French property specialist Citadel Holdings that it does not already own. It will offer three new shares for every five Citadel shares. The takeover deal, valuing the French firm at GB[pound] 40mn, is thought to be a response to depressed share prices in the property sector. In order to reduce the trading discounts to net asset values, smaller firms are being forced to expand or go private. News of the bid caused CLS shares to rise by GB[pound] 0.215 to GB[pound] 1.99, while Citadel shares closed up GB[pound] 0.06 at GB[pound] 1.175.

France, CLS Holdings, Citadel

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UK: LEGACY RECEIVES FRESH BACKING

Article Abstract:

The consortium selected as preferred bidders for the Millennium Dome, Legacy, have received fresh backing from the construction firm, Sir Robert McAlpine and the Bank of Scotland. The new backers will each hold a 5% stake in Legacy. The move is a demonstration to the government that Legacy has the financial muscle to honour its bid for the Dome.

Commercial Banks, Commercial Banking, Banking industry, Investments, Donations, Bank of Scotland, Bank investments, McAlpine, Robert, Legacy Cos.

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