Sir Tom Hunter fails to halt Dobbies plans
Published Date:
15 May 2008
By MICHAEL BLACKLEY
SCOTLAND'S richest man Sir Tom Hunter has failed in a bid to block plans by Lothians-based Dobbies Garden Centre to raise money by selling more shares.
The Lasswade company wants to raise £150 million to help it expand by selling more shares.
But Sir Tom's investment vehicle West Coast Capital, which owns a 29.2 per cent stake in Dobbies, took the company to court over the plans.
He has had a public spat with supermarket giant Tesco, which owns a 65 per cent stake, and would have to invest more than £30 million in shares to maintain his current stake.
It is thought that the share sale could give Tesco the 75 per cent share it needs to take the company private - although both Tesco and Dobbies deny that it is seeking to.
In a statement following the Court of Session appearance today, Dobbies said: "The board of Dobbies Garden Centres confirms that the Court of Session has refused the application by West Coast Capital Limited for an interim order.
"The board therefore intends to proceed with the open offer by putting the resolution to approve it to a vote of shareholders at the company's AGM on Wednesday 21 May 2008."
The full article contains 211 words and appears in Edinburgh Evening News newspaper.
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Last Updated:
15 May 2008 4:27 PM
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Source:
Edinburgh Evening News
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Location:
Edinburgh
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Related Topics:
Tom Hunter
