Eagle Trust plans sale
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.EAGLE TRUST, the mini-conglomerate whose shares have been suspended for five years, has been talking to bank advisers about selling its film services subsidiary, Samuelson, via a stock market flotation.
'We could do a share placing with institutions, or we might plump for a general share offer to the public,' said Brian Smith, right-hand man to Eagle's chairman, David James.
An outright flotation of Samuelson could raise as much as pounds 50m, which would in effect wipe out Eagle's debts. 'We are talking to a leading house to get some views from them about the proposition and the practicality of it,' said Mr Smith.
Samuelson, which provided camera equipment, lighting and crews for the film Tom and Viv, the television series Casualty and the recent Winter Olympics, has an annual turnover of around pounds 70m.
It makes profits described as 'satisfactory' by Mr Smith, and the accounts for last year are due to be published in a couple of weeks.
The pounds 39m acquisition of Samuelson by Eagle in 1987 helped to trigger the parent company's current plight, because the accompanying share issue was hit by the stock market crash in October that year.
Mr James was in the High Court last week as Eagle began a pounds 25m damages claim against its former adviser, Swiss Bank Corporation.
He has told shareholders that he may be able to pay out 1p a share if Eagle wins either the court case against the bank or a later one against its former auditors, KPMG Peat Marwick, which is scheduled for next spring.
A Samuelson flotation would enablehim to make such a payment, but only after the banks have been repaid the bulk of their outstanding loans.
(Photograph omitted)
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments