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Technology / AI and automation

PLESSEY RAISES UKP32M IN PLACING OF 21% OF HOSKYNS

Plessey Co Plc raised UKP32m in its placing of 21% of Hoskyns Group Plc on Wednesday, and one of its prime tactics in fighting off the threatened bid from GEC Siemens Plc has to be to enhance its demonstrable value and try to push its share price beyond what the predators are prepared to pay: nothing that happened at Hoskyns could do that on its own, but every little helps, and one of the key reasons for the company retaining its Stock Exchange listing was to facilitate it making acquisitions for shares, so Hoskyns may well be ready to make such a move in the very near term; Hoskyns shares leaped 30 pence to 440p on news of the placing, so those lucky enough to get some at the 390p price got a real bargain.

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CBR Staff Writer

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