Bailey to reverse into Markheath
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.SHARES in Markheath were suspended yesterday at 6p as the heavily indebted property developer announced a reverse takeover by Thomas Bailey Investments, a South Wales property business, writes Tom Stevenson.
A complicated financial reconstruction dilutes existing shareholders to as little as 5 per cent of the enlarged equity and means that Stan Thomas, Bailey's largest investor, will end up with 30 per cent.
Mr Thomas is one of South Wales's most successful businessmen of recent years, having built up a food manufacturing business before selling out to Grand Metropolitan in 1988 for pounds 75m.
His reputation for market timing was enhanced in 1992 when he became Bailey's biggest investor by injecting equity funds at the bottom of the property market. The enlarged company plans to expand through portfolio acquisitions.
After the refinancing, which will raise pounds 24m by way of a placing and open offer at 33p, the company will change its name to TBI.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments