ity back Fodens' gamble
If you've noticed an error in this article please click here to report it so we can fix it.
)ENS, the troubled truck :ers who were saved from ;averment "takeover" by City, returned to the Stock hange last week.
hares were back on the ket on Wednesday and e quoted at lip at the t, closing at Up. This is Tared with 13p when res were suspended back in uary because of cash culties.
y Friday the shares had pad to a high of 15p and Tuesday they had risen an?r two pence to 17p.
learly the City is backing gamble to bail out Fodens a Om cash injection and support the company's Om overdraft. They stepped in when the Government made it clear that if they mounted a rescue operation they would demand a large slice of the company in return.
The Stock Exchange's confidence came after Foden's annual general meeting last week at which it was announced that there would be a reorganisation of the management structure in line with the City's wishes.
A new financial director is to be appointed and there will be a new non-executive chairman along with another City appointment to the Board.