Cornhill says more oppose bid

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A GROUP of investors opposing the £14.5 million bid by Tom Cross’s Parkmead for Lochard Energy yesterday said more shareholders had now indicated they would vote against the offer.

Cornhill Capital last week said a consortium of investors it was representing totalling 20.37 per cent of the voting shares in Lochard Energy intended to vote “no” to the Parkmead offer.

Yesterday it said that figure had risen to more than 24 per cent of shares.

The consortium argues the all-share bid by Aberdeen-based Parkmead undervalues the company. It also said it had raised a number of points with the Lochard board following a statement it had put out on Friday defending the Parkmead offer.

Lochard chairman Clive Carver said the Parkmead offer was “fair, reasonable and in the best interests of Lochard’s shareholders”.

The offer has support from investors owning some 41.4 per cent of the shares. Shares in Lochard closed down 0.25p at 4.12p and in Parkmead were unchanged at 12.62p.