Bid approach for Norish

25th Nov 2010 14:04

Norish says that it has received a "very preliminary approach" which could lead to an offer for the Ireland-based cold storage business. Talks are at a very early stage and there is no certainty that an offer will be made. Earlier today, Norish announced that it was switching its nominated and broker from NCB to Davy. Yesterday, Irish mining entrepreneur John Teeling increased his stake in Norish by 100,000 shares taking it to 11.7%. Teeling paid 37p a share, which was above the mid-price at the time. Over the past year, the shares have traded in a narrow range of between 33.5p and 39p - the new 12 month high reached today. The 2010 interims showed a dip in pre-tax profit from £256,000 to £208,000 on flat revenues of £4.98m. Net tangible assets were just over £7m at the end of June 2010, which is more than double the market value of the company. Net debt was £8.1m at the end of June 2010.