Transport Development Bid £64-m. for Beck and Pollitzer
Page 45
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A N offer of £64-m. has been made by in Transport Development Group, Ltd., to acquire the f200.000 Ordinary and £300,000 " A " Ordinary capital in Beck and Pollitzer, Ltd., and its subsidiaries. The directors of Beck and Pollitzer have agreed to accept the offer in respect of their own shareholdings and have strongly recommended the offer for
• acceptance by the other. shareholders. The offer is 65s. in cash per '5s. share of each class and is conditional upon Transport Development raising additional capital by a rights issue of Ordinary shares.
If the offer is accepted—the results will not be known for several months— Mr. George E. P. Pollitzer and Mr. Edward P. Pollitzer will continue as chairman and deputy chairman, respectively, of Beck and Pollitzer. There will be no changes in the management and policy of the business, it is stated.
Beck and Pollitzer is a holding company with subsidiaries in road transport, exhibition contracting and the manufacture of clothing. The transport subsidiary, Beck and Pollitzer (Transportation), Ltd., operate about 100 vehicles engaged in general and contract haulage. They have a number of low-loaders and mobile cranes.
Transport Development already have sonic 40 companies of which a large amount are concerned with cold storage and wharfage. They are equally spread out all over the British Isles, with 'approximately 22 companies controlling wharves, warehouses and cold storage stores. There are also several lighterage companies.
The Group operate 1,040 vehicles with a total carrying capacity of 9,060 tons. They have warehouse storage space for 145,000 tons; open storage space for 84.000 tons; cold storage space of nearly 2fm. cu. ft.; and 343 lighterage craft of 50.650 tons capacity.
During the year ended December 31, 1960, the Group income before taxation was £6,797,000, leaving £492,200 as a profit available for dividend.