Vestern takeover war
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Vestem Scottish managing !ctor Alan Wilson has Tied against the latest ves by a rival group seeking yin control of the company. he latest development in long-running battle a new )pany, Clvdewest 2000, has n created by the Clydesideed buyout committee.
'he company, which has an horised share capital of £20 ion, was registered in Glasy in July. Luton & District agreed to make loans availto Clydewest 2000, and scribe for up to 15% of the re capital.
Vesten) staff are being !red three options to buy res — subscribing in full, ing an interim lp in the pound with the balance due as completion nears, or at a later stage when a share will cost £1.20.
But Wilson, who is leading an employee/management buyout bid, says he is concerned for the well-being of the corn pany's employees: "As responsible employers, we believe it to be our duty to suggest to any of our employees thinking about this investment to seek sound, professional and independent financial advice. The cost of any failure on the part of Clydewest 2000 will be met by the employee shareholders," he warns.
The launch of Clydewest 2000 comes at a time when Scottish Bus Group companies are still awaiting a Government announcement about the plans for their sale.
Wilson says employees are being asked to put money into something without knowing exactly what is up for sale.
Western has 750 buses.