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BM shares rise on news of Benford sale
- Article from:
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The Independent - London
- Article date:
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August 27, 1994
- Author:
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Copyright informationCopyright 1994 The Independent - London. Provided by ProQuest LLC. (Hide copyright information)
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BM, the loss-making engineer, yesterday ruled out a widely
expected rights issue after the latest in an 18-month series of
disposals. The market welcomed the news, pushing the shares up 6p
to 50p, writes Tom Stevenson.
The sale of the dumper truck manufacturer Benford to Powerscreen
for pounds 17m means disposals have netted pounds 120m since early
1993. Debts, which peaked at pounds 160m in June 1993, are now
below pounds 40m.
BM, a former stock market star, was brought to the brink of
collapse after the pounds 60m acquisition of the construction
equipment maker Blackwood Hodge in 1990.
Instead of making BM a global force, it saddled the company with
heavy debts and far-flung ...
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