Pepper pockets pounds 5m from BCH bid
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.BCH VEHICLE Management, bought out by its management three years ago and floated 12 months ago, has accepted a pounds 40m bid from Deutsche Bank subsidiary ALD AutoLeasing, writes Clifford German.
Richard Pepper, the chief executive who led the buyout, will receive pounds 5m in cash for his 12.61 per cent stake plus an undisclosed sum for his share options.
Shareholders include NatWest Bank, HSBC, Robert Fleming and BAT, all of which backed the 1995 buyout.
The bid is worth 250p a share, 47.5 per cent above the 169.5p close on 25 November when BCH revealed it had received an approach. It values the company at pounds 39.6m compared with pounds 31.6m when it floated at 200p a year ago. Shareholders will receive a further interim dividend of 5p.
The Bristol group includes AutoChoice, a personal contract purchase scheme, and conventional contract hire, leasing and fleet management services. It operates 16,000 vehicles on behalf of 700 companies.
The bid price is about 15 times forecast earnings of 16.5p in the year ending next week. Senior executive directors will stay with the company, to be renamed DB Vehicle Solutions.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments