Cattles and London Scottish in Take Over Talks
Yesterdays’ big news was that Cattles PLC made an announcement saying that they are still in talks to buy out the sub prime lender London Scottish Bank.
I originally covered this story last month but it had all gone quiet since then, with no stock market release. In yesterday’s statement Cattles said “the conclusion of due diligence has been deferred pending a detailed review of London Scottish Bank’s
audited financial results for the year ended 31 October 2006, the first annual
audited results to be prepared under International Financial Reporting
Standards. There can be no assurance that an offer will be made. Any potential
offer would be subject to Cattles’ review of that work and London Scottish Bank’s current trading and is unlikely to be made prior to the release of London Scottish Bank’s results for the year ended 31 October 2006 in January 2007.”
As reported in September Cattles have an agreement with the Alliance and Leicester to develop its secured loans business Welcome Financial Services. I suppose in many ways the buying out of the London Scottish Bank could be a significant development in this area. Cattles are also quite well known for there lower value loans through the heavily promoted Dial4aloan brand.
