Newspaper article from our research archive:

BM shares rise on news of Benford sale

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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