Sugar buys the company formerly known as Viglen
Amshold acquires Learning Technology
Sir Alan Sugar, chairman of Learning Technology Plc, a network integrator and PC retailer to the UK education market, has decided to bring the company back under his control for a bargain-basement price after seeing its share price plummet to record lows in July.
Expressing disgust at the meltdown in technology stocks, the British-based business man and former owner of a London football team offered on July 2, to buy back any outstanding shares not already owned by him for 40p ($0.62) per share, via his holding company, Amshold Ltd.
At its height in 2000, the company's shares were trading at 366 pence ($5.74). In April 2001 it decided to move out of the low-margin PC retail market to concentrate on the education market. However, at the start of 2002, the share price was down to 67 pence ($1,05), and by July 2 its shares had fallen to a low of 28.5 pence ($0.44), the last dealing day prior to the announcement by Learning Technology board of Amhold's intention to make the offer.
Amshold Limited is an investment holding company based in Jersey, UK, and will acquire those issued shares of Learning Technology not already owned by Sugar for approximately 35.6m pounds ($55.8m).