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April 9, 1987

ACQUISITIONS DAY: ATLANTIC ONE-FOR-ONE BID WINS COMCAP

By CBR Staff Writer

Atlantic Computers Plc accompanied details of its 1986 figures with the news that it has irrevocable undertakings for the purchase of 49.9% of the equity of fellow leaser Comcap Plc in a full bid that values Comcap at upwards of UKP125m. With both United Leasing and CPS Computer Group now in the hands of Inspectorate International, Dataserv sold out to BellSouth and IBL still in the convalescent ward, Atlantic chairman John Foulston’s prediction, made in August last year (CI No 501), that within two years, there will only be one [listed] computer leasing company in the UK is looking good. His company is offering one new ordinary share for each Comcap out – worth 633 pence at yesterday’s price, with an alternative partial cash offer of 550p for up to one in every four shares held. For 1986, the combined turnover of the two operations was over UKP440m with pre-tax profits of UKP29.2m. Atlantic did 45% at UKP21.6m pre-tax on turnover up 75% at UKP320m; details and background in page 3.

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