Lochard bid opposition edges up

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A GROUP of investors opposing the £14.5 million bid by Tom Cross’s Parkmead for Lochard Energy yesterday said it now represents shareholders owning just over 25 per cent of the company.

Cornhill Capital said it had this week received 11 new letters of intent to vote no to the offer.

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 last Friday defending the Parkmead offer.

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