Feeds

I'm in: Peter 'Dragons' Den' Jones launches bid to buy out Expansys

Goes on share-buying frenzy at etailer

Build a business case: developing custom apps

Dragons' Den star Peter Jones has launched a £6.1m takeover bid of his electronics retail firm Expansys.

The entrepreneur made his move after increasing his share ownership in the AIM-listed firm from 41.4 percent to more than 50 per cent.

Jones bought some 110.3 million shares to become the majority owner.

This means that Jones will now have to launch a full takeover bid, paying 0.55 pence a share for the firm, which is valued at £6.1m.

In a statement, Expansys said: "The independent directors of Expansys... note the announcement this afternoon by Peter Jones, a Non-Executive Director of Expansys, relating to his purchase of additional ordinary shares in Expansys... and, as a consequence, the requirement for him to make a mandatory offer for the entire issued and to be issued share capital of Expansys.

"Under the City Code on Takeovers and Mergers, Peter Jones is obliged to make the mandatory offer in cash."

Expansys started as one the UK's new wave of etailers in 1999 selling cables and PDAs, which didn't used to stand for public displays of affection*.

It floated on the AIM exchange in 2007.

However, the firm slipped into the red last year, following profit warnings.

The Dragons' Den star angered staff in the summer of 2011 after demanding they make a 268-mile round trip commute to work every day: he had moved the Expansys office from Manchester to Marlow, where some of his other businesses reside, in a building that he owns.

Peter Jones' other assets include the firm that makes the rather yummy Reggae Reggae sauce.

He was recently ridiculed for fitting his car with a personalised numberplate featuring the letters "SOB" - which generally stands for son of a bitch. ®

* What are you, 12? They were personal digital assistants...

Build a business case: developing custom apps

More from The Register

next story
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Fast And Furious 6 cammer thrown in slammer for nearly three years
Man jailed for dodgy cinema recording of Hollywood movie
Caught red-handed: UK cops, PCSOs, specials behaving badly… on social media
No Mr Fuzz, don't ask a crime victim to be your pal on Facebook
Barnes & Noble: Swallow a Samsung Nook tablet, please ... pretty please
Novelslab finally on sale with ($199 - $20) price tag
Ballmer leaves Microsoft board to spend more time with his b-balls
From Clippy to Clippers: Hi, I see you're running an NBA team now ...
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
Video of US journalist 'beheading' pulled from social media
Yanked footage featured British-accented attacker and US journo James Foley
Assange™: Hey world, I'M STILL HERE, ignore that Snowden guy
Press conference: ME ME ME ME ME ME ME (cont'd pg 94)
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
5 things you didn’t know about cloud backup
IT departments are embracing cloud backup, but there’s a lot you need to know before choosing a service provider. Learn all the critical things you need to know.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?