Dissident Racal Electronics Plc shareholders who complained that they were being asked to pay for something they already owned with the flotation of 20% of Racal Telecommunications Plc should be feeling very grateful that they were voted down – and must be kicking themselves if they passed up the opportunity to buy Racal Telecom shares at a bargain basement 170 pence a time: that price might have looked chancy at the time, but has been thoroughly vindicated with the shares up at 277 pence – and the flotation has worked wonders on holders’ core Racal Electronics stake too now at 350 pence versus 290 pence or so at the time of the flotation; it’s mainly US buying that’s doing it of course, and suggests that there’s still mileage in hyping Ferranti International Signal Plc shares outre Atlantique on the back of the Telepoint licence.
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