Gulf starts at Sheikh Adi-2 25/05/2012
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Best gives cash
Best of the Best (BEST), the company that offers luxury cars as prizes in airport terminals has carried out a tender offer at 63p a share.
The AIM-quoted venture made the offer through its broker Charles Stanley that will see it buy back one in every six of its shareholders shares at a price of 63p, a premium of 68 per cent to the current price of 37.5p. Best of the Best will pay out a maximum of £1.18 million to its shareholders.
The group maintains the offer has been carried out as it has been 'cash generative for a number of years and has benefited from a strong balance sheet with significant cash reserves', furthermore the exit from Heathrow resulted in a return of cash, both from the refund for capital expenditure, and due to a reduction in the number of cars on display.
In addition to announcing the tender offer, Best also provided a trading update in which it noted it will be reporting a loss as a result of losing its site at Heathrow last October.
Furthermore as a result of what it described as the 'restructuring of the company's principal supercar competition to incorporate 'lower entry points' Best said it had secured 'new opportunities' in locations such as Westfield Stratford and Westfield White City.
Growth Company Investor last recommended shares in Best of the Best last July at 28p and they fell to 17p before the announcement of the tender offer. The group is recovering from the loss of its Heathrow site - a prime asset for the company - while expansion through offering non-supercar promotions at locations such as Stratford Westfield continues. Speculative buy.
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