[IMC-UK-Features] Feature proposal: HLS Chairman Proposes $90 Million Buyout

[Animal Rep]

Proposed for; SHAC, animal liberaiton, health & world topics (not for front page)

 

Thanks, AR

 

Text: 

 

On March 3rd 2009, Andrew Baker, Chairman and CEO of LSR/HLS (Life Science Research / Huntingdon Life Sciences) made a non-binding proposal to purchase all of the outstanding shares of LSR, totaling some $90 million, for a price of $7.50 per share. The desperate attempt to bolster HLS’ share price, which has fallen by well over 80% since October 2008 thus reaching a 4 and a half year low, comes less than seven weeks after Andrew Baker told the Telegraph HLS were planning on returning the operating headquarters to the UK. The chairman was quoted as saying that the company were; “in the middle of trying to get an English bank account and an English loan” to the value of £30 million, to payback half of the $59 million debt (of the total $83 million outstanding) that is due on March 1st 2011.

 

Just nine days after this public announcement, a spokesperson from HLS refuted that the company were looking for such facilities in the UK. They claimed that Mr. Bakers comments were; “a personal view and a long-term aim for the company.” Presumably the views of the UK financial community are the same as they were when HLS were forced to move their finances to the USA in 2001. For example, HLS’ income in the final quarter of 2008 was 19% down on the previous year, resulting in a loss of nearly $6 million, with their current liabilities still outweighing their assets.

 

A spokesperson from Stop Huntingdon Animal Cruelty (SHAC) said: With unprecedented attempts to gain capital, the anger caused by the recent jailing of SHAC campaigners, yet another exposé inside HLS’ primate unit and the ongoing financial climate, Brian Cass (the chief executive of HLS) is right to say that 2009 looks uncertain for HLS.

 

SHAC Financial Campaign Update | Andrew Baker Home Demo Videos | Indymedia UK SHAC Topic Page


https://we.riseup.net/shactivist/hls-chairman-proposes-buyout

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