AYRSHIRE Metal Products yesterday announced plans to raise #3.8m by reducing its holding
in its wholly-owned ASK McGowan subsidiary to 24.5%.
It is selling 10% to a company controlled by the subsidiary's managing director, AP Weaver, who is also a director of Ayrshire Metal. Mr Weaver was one of the vendors of the company when Ayrshire Metal purchased it for #3.6m in 1990. The remaining 65.5% will be taken up by Dikema & Chabot Holding of Holland, part of Groupe Cockerill Sambre.
Because of the size of the partial disposal and the fact that Mr Weaver is a related party, the deal will have to be approved by Ayrshire Metal shareholders at a meeting on December 30.
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