Pentos Plc announced on Friday a recommended offer for Wilding Office Equipment Plc, worth UKP3.7m in Pentos shares and warrants, plus assumption of a UKP5.8m loan from National Westminster Bank Plc, which will be repaid via the issue of 4.2m new Pentos shares. The offer for Wilding, which has acceptances from directors speaking for 60.13% of the share capital, is 23 new Pentos shares and 68 warrants for every 250 Wilding shares, which works out at about 20 pence a share, which compares with a price in the market before the announcement of 27 pence – but then Wilding accompanied the Pentos announcement with news that it made a pre-tax loss for the year to September 30 of UKP2.9m, up from a UKP585,074 loss last time on sales down 2% at UKP52.8m. Pentos, celebrated for its battles against the Net Book Agreement, which forbids discounting of books, will consolidate warehousing and distribution at its Hayes base. It will close the office furniture plant in Harlow and move the work to its factory in Ripley.
