Bentley buys 27.91% of HR Owen dealer group from Australian investor

The listed luxury brand dealer group HR Owen notified shareholders yesterday that Bentley Motors had entered into a binding agreement on 17th March to buy 6,589,934 ordinary 50p shares in the company, representing 27.91% of the voting rights. HR Owen¡¯s board was advised by Bentley that they have no present intention of increasing their stake further.
 
H R Owen operates the Jack Barclay Bentley franchise in London. Although the identity of the seller or the price paid was not formally disclosed, Australian car dealer Neville Crichton¡¯s Balverona Pty Ltd sold its 6,589,934 shares on the same day.
 
Highlights of HR Owen¡¯s preliminary results for 2007 announced this week showed turnover from continuing operations up 15% to £184 million, and profit from continuing operations, before tax and exceptional items, of £3.2 million (2006: £0.7 million). Group profit before tax for continuing operations was £2.8 million. Earnings per share from continuing operations was up to 10.3 pence from 6.7 pence a year earlier, and the company returned £11.8m in capital to shareholders during the year. Cash inflow from disposals was £5.0 million.
From: auto industry.uk/news

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