Leyland Growth stake in U.K.
PA Wellington Leyland Grqwth, Ltd, has purchased 11 per cent of Ratcliffs (Great Bridge) pic, a company quoted on the London Stock Exchange. “Our initial purchase was at 115 p with latest purchases around the current market of 145 p,” chief executive, Mr Alan Lee, said in a statement. Ratcliffs is a West Midlands manufacturer of brass and copper strip with a wholly owned subsidiary in Canada. Trading in recent years has been difficult though there are indications of a turnaround.
The net asset backing is 200 p a share with free-
hold properties included at below realisable value. “It is possible that plant and equipment is under-' stated in the books as well,” Mr Lee said. “This holding is not our largest in the U.K., but it is currently the only one above 5 per cent. While we have invested in the U.K. for a long period of time, it is only in the past nine months that our exposure has increased significantly.”
Investments in the U.K. tend to be in small lesser known stocks. “We believe there is much better value in these stocks than either U.K. market leaders or small stocks in New Zealand,” Mr Lee said.
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Press, 13 May 1987, Page 43
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205Leyland Growth stake in U.K. Press, 13 May 1987, Page 43
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