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January 3, 1988

ATLANTIC COMPUTERS CONFIRMS GEC TALKS ABOUT A STAKE IN ITS SUMMIT SUBSIDIARY

By CBR Staff Writer

Atlantic Computers Plc has confirmed that it is in talks with GEC Plc about the latter taking a stake in the Summit financial services and property business Atlantic acquired when it bought fellow leaser Comcap Plc. Summit, 75%-owned by Atlantic, with the balance held by management, is regarded as an attractive property because of its investments in London’s Docklands, but GEC’s interest is in its equipment leasing business. The idea of any tie-up is that Summit would finance leases on GEC capital equipment, and the suggestion has been that GEC might be prepared to invest for a stake of anything up to 40% of the business. The leaser also declares emphatically that there is no question of GEC making an offer for the entire Atlantic group.

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