m takeover bid for fellow Tom Scott-chaired company Comprop.
The parent company of Le Riche and Ann Street already owns 7.
per cent of the commercial property developer and shareholders controlling nearly 40 per cent of Comprop, including Mr Scott, have already backed the sale.
If the remaining shareholders agree, for every 11 Comprop shares CI Traders will pay out £11.
8 in cash and issue six new CI Traders shares.
If the offer goes through Comprop will be wholly owned by CI Traders and the company will no longer be a distinct entity trading on London’s Alternative Investment Market.
Owning just under 30 per cent of Comprop, Mr Scott would pocket over £11m from the sale.
The offer values each Comprop share at 144p – a 15.
per cent mark-up on the 124.
p value at the close of play on Friday.
CI Traders will fund the takeover from newly negotiated debt facilities of up to £130m.
Explaining the rationale behind the offer, CI Traders chief executive Martin Bralsford said: ‘Although Comprop is a Jersey company, its property is all in Guernsey, principally at Admiral Park, which is a smaller version of Jersey’s waterfront.
‘We run a 50,000-sq ft Checkers superstore there which we lease from Comprop and we see further potential for developing the site.
By controlling its future, we’ll be able to ensure the outlets at Admiral Park complement our interests.
‘Also, a number of our own sites, including the Jersey Brewery in Ann Street, will soon become vacant and this takeover brings together the construction skills of our CI Traders Estates division – which runs our own property portfolio – with the development skills of Comprop.
‘We will control the whole building process rather than having to rely on others to finish the job.
If the takeover goes ahead, CI Traders will have £250m worth of property in the Channel Islands.
