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Pilkington proposes financial reconstruction

One of the leading shareholders in Pilkington is proposing a financial reconstruction of the flat-glass giant currently valued at UK 933 million on the stock market.
According to a recent report, the…

One of the leading shareholders in Pilkington is proposing a financial reconstruction of the flat-glass giant currently valued at UK 933 million on the stock market. According to a recent report, the proposal by UK Active Value Fund would involve Pilkington shrinking its balance sheet either by way of a huge special dividend or a share buy-back programme. Shareholders would then be left with rump holdings in a highly leveraged company with a management that would be given big share incentives to improve performance. Pilkington has big untapped bank facilities that would help it carry out the reconstruction. Brian Meyerson and Julian Treger of UK Active, which owns 5.4% of Pilkington, have made a presentation to Pilkington“s board, headed by chairman Sir Nigel Rudd and Paolo Scaroni, its Italian-born chief executive. The board is advised by Goldman Sachs and Cazenove.

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