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July 16, 1990

SANDERSON BUYS 55% OF GENERAL AUTO UK IN COMPLEX TRADE

By CBR Staff Writer

There has been substantial rearrangement of the cross shareholdings between Sanderson Electronics Plc and its 49%-owned affiliate General Automation Inc in which paper transactions totalling $2.6m from Sanderson to the General leave the Sheffield company $875,000 out of pocket. Core of the deal is that Sanderson buys 55% of the UK subsidiary, General Automation Ltd for $2.6m: the business did $210,000 on sales of $13.7m in the year to June 30, 1989. But $875,000 goes straight back to Sanderson in a deal under which General Automation buys another 21.7% of SGA Pacific Ltd, the jointly owned Antipodean Pick-popper, taking the General’s holding up to 51% and leaving Sanderson with 27%, the balance being held by the local principals. Another $875,000 goes back to Sanderson to pay off part of the Anaheim firm’s outstanding debt to Sanderson, and General Automation will be left with $850,000 for working capital.

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