RELATIONS between Braveheart Investment Group and Surrey-based investor Angle turned decidedly frosty after Angle abruptly cut off takeover negotiations yesterday.
In response, Braveheart announced it will consider making a hostile bid for the English firm.
In April, Braveheart, led by chief executive Geoffrey Thomson , made a 60p per share bid for the group, which was a considerable premium on its share
price, which was trading below the 26p mark – although the offer was for Braveheart shares, and not cash.
Angle chief executive Andrew Newland said yesterday that, although he was not adverse to a cash deal, he was not interested in the "poor performance" of Braveheart shares, adding there was "little or no evidence to suggest Braveheart can add significant value to the Angle portfolio".
Thomson hit back by releasing an announcement on the stock exchange website, claiming that the board of Angle has "consistently refused to enter into a meaningful dialogue".
Since launching the bid, Braveheart and Angle have traded spiky announcements on the website.
A spokesman said the exchange revealed "increasing signs of frustration" on behalf of Thomson, who says Newland did not share sufficient information to allow the bid to progress.
In the year to the end of April 2008, Angle made £3.4 million profits on sales of £3.9m, while its net asset value was £7.2m. Braveheart reported a pre-tax profit of £100,000 on revenues of £700,000, and a net asset value of £7.3m.
The full article contains 255 words and appears in The Scotsman newspaper.
