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Langbar board meets
Eric Barkas City Editor Langbar International's board met in Barcelona last night to thrash out issues surrounding suspension of its shares.
The cash shell company, which is run out of Leeds, had requested suspension after former chief executive Mariusz Rybak sold shares equivalent to 10 per cent of the company.
This, plus an earlier sale by a hedge fund, depressed shares and caused concern among institutional investors. The suspension price of 50p compared with a high for the year of 120p.
A Langbar spokesman said that, given the uncertainty, it was best to suspend the shares so the board could thrash out finances and reassure investors there was no hidden reason for the sale of shares. Barcelona was chosen because it was convenient for board members and, as an offshore company registered in Bermuda, Langbar was limited in what it could do officially in the UK.
Langbar has around 360m in cash, most of it inherited from the investment company Crown Corporation in which it had its beginnings. Two weeks ago the company agreed on its first corporate acquisition – 2.6m in shares for the Bradford marketing business Real Affinity.
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Weather for Yorkshire
Thursday 24 May 2012
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