The Clitheroe imes Thursday, June 15th, 2006 No. 6,255 n ews and views from the Centre of the Kingdom ^ First choice for property
p in the Ribblc Valley Hundreds of homes for sale
Surprise move in company sell-off
EXCLUSIVE by Vivien Meath __ THEY thought it was all over - but it
does not appear to be yet! Ultraframe’s future is still somewhat misty. Market activity has been increasing this
week as American companies Resilience Capi tal Partners LLC and Berggruen Holdings announced that they are considering making an offer for the entire share capital of the beleagured Clitheroe company. As shareholders received a comprehensive
offer document recommending acceptance of a cash offer of 30p per share for the company by Latium Holdings, which valued Ultraframe at £29.2m., it became clear that Monday’s announcement that the two US companies were considering an offer was genuine. On Tuesday morning. Ultraframe said that the companies had been given until Tuesday to put an offer on the table. If that happens, then it is possible that
Latium, owners of double glazing giants Ever est and Weatherseal, could increase its bid. Ultraframe’s group chief executive David
Moore reiterated on Tuesday that the board of directors must consider all options. If a more compelling offer was forthcoming then it must be presented to the shareholders. Amidst a flurry of stock market activity on Monday, with the share price increasing to 34p
. and some 10 million shares traded, news came that the first of the company’s litigation bat tles, agmnst Eurocell’s infringement of Ultra frame’s patent and design rights in the Ultra- lite 500 roofing system, had been determined
and won with estimated damages in excess of £ 2 .5m. Eurocell could still seek leave to appeal. The decision in respect of the Bumden Group is expected next month. Resilience is a private equity firm with an
investment philosophy focused on investing in lower middle-market underperforming and tumaroimd situations. It acquired Slazenger in 2002. Its managing partner, Steve Rosen, states that Resilience aims to “save the day for worthwhile companies.” Berggruen has offices in New York and Lon don, and is one of the investment vehicles for
the Berggruen family whose assets exceed $lbillion. Its portfolio includes AAI Foster-
Grant. Meanwhile, company founder John Lan
caster, pictured, revealed that Berggruen had looked at Ultraframe some time ago, but noth ing had been forthcoming. He stressed this week that before reconunending acceptance of Latium’s offer, the board and its advisers had explored separate sales of the company with more than 80 buyers. Talking about the current situation, he said
that the two companies appeared “very inter ested” and had the necessary finances. He added that there was a lot of work involved and an offer was needed by Tuesday. Disgruntled shareholders have been making
their views known in Internet chat rooms throughout the week. From its floatation at £1.47. the share price rose to a high of more than £6 in three years and many local employ ees who received free shares, cashed them in and made a financial killing. However, others, believing that times would change, hung on and some have been highly critical of the com pany’s recent moves. Describing the week’s events as “an emo
tional roller-coaster,” Mr Lancaster said that he was aware of the criticism, but added, “the
'way things are at the moment, I only want to do the best for everyone. The business is dear to me. It’s very difficult due to the present trading of the company. “I want people to know that I am very emo
tional about all this. It means a lot personally. It’s all about other people and we just want to do the best. It’s going to be quite difficult.”
FAMIW NOTICES .. PAGES 18,19 i WYOUR SEpC
Red card threat to drunken louts
DRUNKEN revellers out to cause trouble in pubs across the Ribble Valley during the World Cup wiU be shown the red card! As World Cup fever hots up, Clitheroe arid WhaUey
landlords have joined forces with the area’s publicans to ensure that everyone enjoys supporting the nation al side in safe and comfortable surroundings. Large crowds are expected to gather in pubs across
the borough to cheer on Sven’s boys, but the warning is to enjoy the football and drink sensibly or face a red card for getting involved in drink related trouble - and the possibility of a ban from every public house in the Ribble Valley. Full story-page 2 • WE have more car flags to give away FREE this week. Turn to page 62 for details.
www.clitheroetpday.co.uk Price 6;6p
ssiaaw^ENTiiEs P
........PLUG.INTO SpRyiCE.a PRICE.
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