Brierley moves

Press, 2 June 1989, Page 14

Brierley moves

By

TONY VERDON

in London

Sir Ron Brierley has continued to reshuffle his British assets by putting his 29.2 per cent stake in one company up for sale, and at the same time increasing his holding in another.

lEP Securities, part of a group of companies headed by Sir Ron, yesterday said it would be seeking tenders for its stake in the cigarette machinery maker, Molins, at a minimum of 190 p a share. If this failed, the company said it would launch a takeover bid at not less than 190 p a share.

Mohns’ shares sank 8p to 200 p on the announcement, a long way down from the 300 p a share Sir Ron offered in his failed take-over attempt two years ago. lEP Securities also disclosed that it had increased its holding in Union Discount. London’s largest discount house, from 17.2 per cent to 23.3 per cent. The stake was acquired from the Kuwait Investment Office last week, at 475 p. The Brierley moves are part of a tidying-up of its British portfolio, which included the disposal last week of its 14.1 per cent stake in the diversified oil group, Ultrimar.